$SOL Whale activity! Could Price Break Above $209?
Currently, whales own 59% of Solana, which is a rather bullish market signal.
Solana whales control 59% of the circulating supply, and the SOL held by these whales is worth more than $5 million, which is large enough to have a significant impact on market performance.
This high ratio shows that big players have a vested interest in pushing Solana above resistance, and also shows that whales are confident in Solana’s potential, which could prompt further price gains in the coming weeks.
Currently, Solana price is rapidly approaching a key resistance level, and the market trend may be about to shift. If whales continue to buy in large quantities, Solana is expected to break through this resistance and lead to a broader market rebound; if it fails to break through, it may enter a consolidation or minor correction.
Notably, Solana's social mentions have gradually declined since its peak on September 20, despite high whale activity. This could mean that while whales are bullish, retail investors are more cautious.
Whales in Solana hold a larger percentage of the supply than most competing cryptocurrencies. The active participation of whales puts Solana in front of any potential bull run. However, the decline in social mentions also suggests that some investors are waiting on the sidelines.
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