$BTC #sol As SOL Soars 7.8 Percent on $2.8 Billion in Volume, What Will the Price of Solana Do? Is the $1,000 Markdown Plagued by Whales?
As the broader cryptocurrency market has gained 2.5% in the last 24 hours, the price of Solana has soared by 8% today, hitting $153.37.
The alternative currency has also had a 10% increase in value over the last week, but it has lost the same amount of ground over the last month, coinciding with a market downturn.
With a 24-hour trading volume of $2.8 billion today, SOL seems to have reached a short-term turning point.
As the market tries to shrug off pessimism, this level might be a precursor to another significant move in the coming days.
As SOL Soars 7.8 Percent on $2.8 Billion in Volume, What Will the Price of Solana Do? Is the $1,000 Markdown Plagued by Whales?
The SOL chart is looking good right now, with all of the indications pointing to a possible growth phase in the near future.
But a huge amount of Solana—approximately $1.5 billion—went from one unknown wallet to another only yesterday.
The Solana price can fall in the next few days since the defunct FTX exchange is selling off its assets to pay off its creditors.
Due to the significant amount of the exchange's supply being locked up, the actual and estimated time of market arrival for FTX's Solana is unknown.
Although FTX may release its supply in such a regular manner that it has minimal impact, traders should be aware that SOL might see some volatility in the medium-term.
With a total value of $4.15 billion locked up, the coin's network accounts for Solana's promising long-term potential.
Its popularity as a platform for new meme tokens also shows no signs of abating, which bodes well for the future of the Solana price.
Consequently, the latter might hit $200 in the next months before challenging its all-time high later in the year.
