Solana’s (SOL) price target of $200 is in danger due to a whale selling $2.9 million worth of SOL, causing a merited drop in price. The price is now eyeing the $130 level, a huge decrease from its previous target. This sale has caused concern among investors and led to a decline in Solana’s market value.
Still, SOL, with its unique proof-of-history layer, enabling it to validate hundreds of thousands of transactions per second, according to CoinMarketCap data, maintains its 5th market cap rank with a massive 68.94 billion and a market dominance of 3.17%, down by 2.53% today. Whether SOL will test its former ATH or do $200 and how soon that could happen. Notwithstanding, some market determinants have shown mixed sentiments that you should note. Let’s break them down here.
The Current Health of Solana
As of the time of writing, Coinfomania data analytics pools SOL is currently trading at $142.95 with a forecasted increase of 6.39% to $148.38 by 27 August. Our technical indicators suggest a “SELL” market sentiment. Over the last 30 days, SOL has seen 12/30 green days, reflecting a 40% positive trading trend. With a price volatility of -17.06%, SOL exhibits moderate fluctuations. In the past 24 hours, SOL has experienced a negative trend of -2.44% since yesterday. The live market cap stands at $66.91 billion, with a circulating supply of 466431313.512857 coins out of a maximum supply of 582728931.972228 SOL.
Based on our expert technical analysis, Solana Coin’s 200-day SMA is projected to ascend over the next month, with a simultaneous short-term 50-day SMA expected to tease $153.78 by the same date.
The Relative Strength Index (RSI) currently stands at 44.02, indicating a Neutral market sentiment for Solana.
Against the $200 Target, the Culprit Could be the Whale Dump
The $200 target for Solana has been a hot topic in the crypto community. This target, once seen as a milestone of success, is now in jeopardy due to a recent event. On August 20, Lookonchain reported in an X (formerly Twitter) post that a Solana whale was found dumping a notable 20,000 tokens worth $2.9 million to OKX and Binance.
SOL/USD price chart. Source: TradingView
This trend assisted a sharp fall from the $148.6 to the $142.04 level, shifting the market sentiment to bearish. If SOL fails to hold and drops below the 200 EMA, there is a high chance it could fall to the $130 level or even lower. Meanwhile, since January 15, 2024, this SOL whale has sold over 614,000 Solana tokens (SOL) valued at approximately $89 million. These tokens were transferred to several centralized cryptocurrency exchanges (CEXs) for sale.
A whale sold 594K $SOL($86M) this year!Since Jan 15, this whale has deposited 594K $SOL($86M) to #Coinbase, #Binance, and #OKX, averaging one sale per week. The last sale was 16 hours ago.https://t.co/v6mJegPKCa pic.twitter.com/5CU24VPvtt
— Lookonchain (@lookonchain) August 13, 2024
Amid the Current Odds, Solana Still Holds Promises
Despite the current challenges, Solana’s price journey still looks promising. According to a source, Solana is expected to benefit from the Bitcoin halving effect, leading to increased demand and a price run, potentially reaching a high of $219.46. This prediction is based on the historical trend of crypto experiencing a price pump following a Bitcoin halving event. CoinCodex also projects a bullish trend for Solana in 2025, with a predicted upside of $391.58. These predictions, while speculative, provide a positive picture for Solana’s future, suggesting that its current challenges may be temporary hurdles on the path to a long-term happy ending.
The post SOLANA (SOL) Price Prediction, August 21st, 2024-25: Solana’s $200 Price Target at Risk After Whale Sells $2.9 Million of SOL appeared first on Coinfomania.
