Solana price at now-or-never moment as whales continue accumulating the altcoin
|- Solana price has dropped by 10% over the past 24 hours, investors have continued accumulating the altcoin.
- Over $43 million in institutional capital flowed into Solana over the past week.
- Sam Bankman-Fried, the co-founder of FTX, believes that another competing blockchain could disrupt Solana.
- Analysts argue that Solana price is likely to plunge to $169 before starting recovery to $200.
Solana price drops below $200 as crypto market capitalization drops. Analysts expect the Solana price trend to reverse with increasing capital inflow into the altcoin.
Analysts await Solana trend reversal as whales buy the dip
Solana price dropped below $200 as billions were wiped off the total market capitalization on Black Friday. The altcoin price is currently on a downtrend, and analysts expect a trend reversal. Over the past week, over $43 million flowed into Solana from institutions.
Whales have continued accumulating the altcoin through the dip and have a bullish outlook on Solana. 65 wallet addresses hold over a million SOL tokens, amounting to a total of $31.3 billion. Solana ownership is concentrated; therefore whale accumulation implies an upcoming price rally in the altcoin.
Sam Bankman-Fried, the co-founder of FTX, believes that Solana could outperform Ethereum. At the same time, Bankman-Fried considers the possibility of Solana getting disrupted by a competing blockchain.
The FTX CEO commented on Solana taking over Ethereum, he said,
It could happen. It could never happen.
An analyst at the YouTube channel “Adam Coins” is bullish on Solana. The analyst has predicted a trend reversal in SOL price in a recent video. Identifying a double bottom, the analyst expects the SOL price to make a comeback above $200 before climbing to $225, the next price target.
Analysts expect the Solana price to remain above $200 over the weekend.
FXStreet analysts have evaluated the SOL price trend and predicted that breaking $230, the altcoin is expected to resume a parabolic uptrend.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.