bullish

Solana

TL:DR;
<ul>
 <li>SOL’s price skyrocketed after Trump’s victory in the US elections to a new all-time high of $263 on November 23 but lost its momentum and is down by more than 11% since then.</li>
 <li>However, whales seem unfazed as they keep buying portions of the asset while analyst envision a massive rally that could push it to as high as $600.</li>
</ul>
<a href="https://cryptopotato.com/wp-content/uploads/2024/05/SOL-PREDICTIONS_CB.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
<h2 id="sol-whales-push-the-buy-button">SOL Whales Push the Buy Button</h2>
As mentioned above, Solana’s native token was among the biggest beneficiaries of Trump’s victory as it found a place among the top four altcoins at one point when it was in front of XRP and surpassed BNB. However, the roles have reversed, with XRP <a href="https://cryptopotato.com/ripple-xrp-breaks-into-top-3-cryptos-after-overtaking-tether-usdt-and-solana-sol/" data-wpel-link="internal" rel="noopener noreferrer nofollow">surging</a> to the third spot, while Binance Coin <a href="https://cryptopotato.com/bnb-overtakes-solana-to-secure-5th-spot-by-market-cap-after-historic-rally/" data-wpel-link="internal" rel="noopener noreferrer nofollow">took back the fifth</a> earlier today after a historic rally to a fresh peak.
Solana, alongside other assets like BTC and DOGE, has remained on the sidelines for the past few weeks. SOL has been consolidating and trading about 10-12% away from its November 23 peak.
It seems large Solana investors have used this correction as an opportunity to increase their stash. Data from Lookonchain showcased several whale wallets that have withdrawn sizeable portions of the asset out of Binance and to cold storage – moves traditionally regarded as bullish for the underlying cryptocurrency as they reduce the immediate sell pressure.
<blockquote class="twitter-tweet">
 Whales are accumulating <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$SOL</a>!
 In the past 24 hours, 4 whales withdrew 185,510 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$SOL</a> ($42.46M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Binance</a>.
 BnwZ…w6tR withdrew 100,010 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$SOL</a>($22.46M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Binance</a> 16 hours ago.
 CZwk…qjwN withdrew 46,103 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$SOL</a>($10.81M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Binance</a> in the past 18 hours.
 FxfH…T7wp… <a href="https://t.co/AFBWA9NQch" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/AFBWA9NQch</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1864206800125592063?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 4, 2024</a>
</blockquote>
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<h2 id="sol-heading-toward-600">SOL Heading Toward $600?</h2>
Popular analyst IncomeSharks noted on December 2 that SOL’s price movements resemble the head and shoulders (H&amp;S) pattern. They cautioned investors that there might be another retracement for SOL but indicated that the “good news is we are approaching Supertrend support,” which has held since October. SOL indeed bounced off from that level and now sits above $230.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$SOL</a> – Pretty obvious H &amp; S playing out. Just because you want price to go higher doesn’t mean sometimes it goes down first. Good news is we are approaching Supertrend support (green line). Has held this since October so good chance for a bounce soon. <a href="https://t.co/iatYrkPHgM" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/iatYrkPHgM</a>
 — IncomeSharks (@IncomeSharks) <a href="https://twitter.com/IncomeSharks/status/1863695640305467623?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 2, 2024</a>
</blockquote>
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Jelle was quite bullish on Solana, suggesting that its price could go as high as $600 during this cycle in case it manages to remain above the previous all-time high of around $225.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$SOL</a> broke its previous ATH, and now forms a falling wedge right on top of the 25-day EMA.
 Also retesting RSI midlevel.
 Looks ready to resume price discovery soon.
 My targets: $400-600. Send it. <a href="https://t.co/lqX8Wcx8Ui" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/lqX8Wcx8Ui</a>
 — Jelle (@CryptoJelleNL) <a href="https://twitter.com/CryptoJelleNL/status/1863873648433537260?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 3, 2024</a>
</blockquote>
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The post <a href="https://cryptopotato.com/solana-whales-begin-accumulation-spree-amid-predictions-of-sol-at-600/" rel="noopener noreferrer nofollow">Solana Whales Begin Accumulation Spree Amid Predictions of SOL at $600</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Solana Whales Begin Accumulation Spree Amid Predictions of SOL at $600

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