Popular altcoin Solana’s (SOL) recent price movements have particularly worried individual investors. Although SOL fell below the $55 level, as long as it stays above the $42 mark corresponding to the 50% Fibonacci level, it retains the potential to continue the upward trend. If the rise persists, Solana’s price could reach targets of $78.2, then $100, and finally $121.75.
Closely followed crypto analyst Altcoin Sherpa expressed anticipation for a rise in SOL, indicating that the altcoin is still in an upward trend. After evaluating the price trend of SOL, the analyst predicts a correction and plans to buy during this pullback, expecting the price to fall below $50.
According to a more experienced crypto analyst, SOL’s price is expected to reach three digits by the year 2024. This means a potential doubling of SOL’s price within the next year.
Analyst Marouane Garcon, taking a different approach to Solana analysis, focused on the impact of large investments. Referring to data shared by Whale Alerts, he stated that the decline in SOL’s price was largely associated with whale movements. It was mentioned that 2.1 million SOL were transferred to exchanges in just three transactions, indicating a precursor to a major sell-off.
On the other hand, there has been a significant increase in active wallet addresses in Solana. According to on-chain data analyzed by The Block, the number of active wallet addresses on the Solana network rose to its six-month peak of 444.48 thousand. This increase in active wallet addresses indicates growing interest and participation in the Solana ecosystem and could trigger a rise in SOL’s price in the near future.