Solana

Sherpa

<p style="text-align: justify">The recent price movement of the popular altcoin Solana (<a href="https://en.coin-turk.com/bitcoins-fall-and-the-current-state-of-ada-xrp-and-solana-coins-a-crypto-market-review/" data-wpel-link="internal" rel="noopener noreferrer nofollow">SOL</a>) has spooked investors, particularly individual ones. Although SOL dipped below $55, as long as it remains above the 50% Fibonacci level corresponding to $42, there is potential for the uptrend to resume. If the uptrend continues, Solana’s price could rise to $78.2, then to $100 and eventually to targets of $121.75.</p>
<h2 style="text-align: justify" id="strong-analyst-awaits-a-drop-below-50-to-purchase-sol-strong"><strong>Analyst Awaits a Drop Below $50 to Purchase SOL</strong></h2>
<p style="text-align: justify">The closely followed crypto <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">analyst</a> <a href="https://en.coin-turk.com/pepe-finds-support-zone-after-a-46-drop-in-august/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Altcoin</a> Sherpa expects a rise in SOL, stating that the altcoin continues to stay within an uptrend. After evaluating SOL’s price trend, the analyst predicts a correction and highlights waiting for the price to drop below $50 to make a purchase during this pullback.</p>
<p><img decoding="async" class="aligncenter wp-image-281843" src="https://coin-turk.com/wp-content/uploads/2023/11/Solana-Altcoin-SOL.png" alt="" width="557" height="593"></p>
<p style="text-align: justify">According to the seasoned crypto analyst’s analysis, SOL’s price is expected to reach triple digits by 2024. This implies at least a two-fold increase in SOL’s price in the coming year.</p>
<h2 style="text-align: justify" id="strong-solana-whale-transactions-and-wallet-address-activity-strong"><strong>Solana Whale Transactions and Wallet Address Activity</strong></h2>
<p style="text-align: justify">Marouane Garcon, a founding partner of the perpetual futures exchange The Real-World Asset Exchange, adopted a different approach in his SOL analysis by focusing on the impact of large investments. Referring to data shared publicly by Whale Alerts, which detects significant movements on blockchains, Garcon stated:</p>
<blockquote>
 <p>The decline in Solana’s price is largely associated with whale movements. Over 2.1 million SOL were transferred to exchanges in just three transactions, signaling an impending major sell-off. This situation scared individual investors into selling.</p>
</blockquote>
<p style="text-align: justify">On the other hand, there has been a significant increase in active wallet addresses on Solana. According to on-chain data analyzed by The Block, the number of active wallet addresses on the Solana network has risen to a six-month high of 444.48 thousand. This surge in active wallet addresses indicates growing interest and participation in the Solana ecosystem and could trigger a rise in SOL’s price in the foreseeable future.</p>
<ul class="summary">
 <li>Recent SOL price dip causes investor concern.</li>
 <li>Analyst predicts SOL’s price to potentially double in 2024.</li>
 <li>Solana’s active wallets suggest growing ecosystem interest.</li>
</ul> Continue Reading: <a href="https://en.coin-turk.com/solanas-market-resilience-analyzing-potential-growth-amidst-price-fluctuations/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/solanas-market-resilience-analyzing-potential-growth-amidst-price-fluctuations/</a>

Solana’s Market Resilience: Analyzing Potential Growth amidst Price Fluctuations

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