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Mystery whale moves $332 million in #Solana and price forecast
The Solana (SOL) blockchain's native token has performed well in the current rally, supported by crypto market gains and investor interest in meme currencies.
As the community stays enthusiastic, #SOL investors are awaiting the next price movement that might lead to a record high over $200.
Notably, SOL prices have risen with strong token activity on-chain. Whale Alert reported on March 29 that 1,757,028 SOL tokens worth $332 million were transferred between unknown wallets.
Next for Solana?
In addition to whale behavior, other factors affect the next Solana price. SOL is stabilizing below $200, with some experts saying it might go either way.
According to crypto trading researcher Trading Shot, SOL might retrace to $155 or reach a record high of $310. Technical research showed that SOL was trading in a one-day triangle pattern, which informed his prediction.
The one-day moving average (MA) of 50 has given constant support since late September 2023, with just a small interruption in late January 2024 during the preceding channel-up period, he said in the March 29 study.
“That Channel Up formed a Triangle halfway through, and when the price broke up, it peaked on its 1.5 Fibonacci extension. In case of a similar bullish break-out, we will purchase and aim $310. He suggested they will short and target the 1D MA50 around $155 if the Triangle breaks down first.
Solana beats Ethereum
Additionally, on-chain data suggest Solana price growth. According to blockchain monitoring firm Artemis, Solana's weekly stablecoin transfer volume reached $364.7 billion on March 30, surpassing Ethereum's $152.99 billion.
Solana confronts various hurdles in its possible rise to a new high. The network has long worried about interruptions deterring developers.
However, with meme currencies released on the platform as catalysts, care is advised since such tokens usually have no foundations and may correct. $SOL
