Is It Too Late to Jump Into Solana? Whale Activity Suggests Big Moves Ahead
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Crypto whales stockpiled Solana’s native $SOL, according to the $3 billion 24-hour trading volume that helped push the token up 3.7% in the last 24 hours.
Solana is also up a nominal 0.5% from its price this time last week to trade at $135 as of this writing. That means Solana is the best-performing asset among today’s five biggest cryptocurrencies by market capitalization.
The world’s favorite cryptocurrency, the trillion-dollar Bitcoin ($BTC), added 3.3% in the last 24 hours and shed 3.2% over the week to change hands at $57,144.
Ethereum ($ETH) holders faced the slowest movement of the three biggest layer 1s. Ethereum only grew 1.3% overnight, while shedding 6.3% on the week to land on $2,350.
Solana’s small winning streak could soon be over, according to the data.
Solana has typically found bottoms at around $125 over the last three months, while July’s $180 resistance level dropped to $160 by late August.
Now, with a rising relative strength index (RSI) of 62, Solana is straying close to the overbought 70 range.
This means any further price rises over the short term could hit a ceiling around $140 before spiraling down to test new support levels.
Of all the altcoins, Solana comes closest to challenging Bitcoin and Ethereum’s market dominance through the sheer size and scalability of the service it offers.
However, being so thoroughly established, Solana’s price movements nowadays are a tightly pegged to its rivals.
Those who want less conservative investments diversifying their portfolios should check some of today’s meme coins, which are attracting nine-digit investments with their unique value propositions.
One such
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