Cryptocurrency

Solana

2024

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 <p class="paragraph">Despite an impressive 80% monthly rally in December that propelled its market cap to the fourth position among all cryptocurrencies by size, the price of the Solana (SOL) token experienced a post-Christmas dip, falling to $107.</p>
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 <p class="paragraph">Nevertheless, this price increase of Solana has prompted investors to look for a possible entry point into this cryptocurrency, as it shows signs of promise and the ability to add gains to its value further.</p>
 <p class="paragraph">A substantial surge characterized by a remarkable increase of over 500% within two months has been observed. Notably, a rotation trend is evident, shifting towards Ethereum (ETH) and other ecosystems, indicating a potential pause in the current momentum for Solana.&nbsp;</p>
 <p class="paragraph">In higher timeframe trading, there is a keen interest in long-term entries at $70-80. This strategic approach suggests careful consideration of price levels for establishing enduring positions in the market, as per an X post from crypto expert Michael van de Poppe on December 28.</p>
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  <p class="paragraph">“Anything happening in this period is basically day/scalptraders momentum. ”</p>
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  <p class="paragraph">“If you are looking to take entry points on higher timeframes, these are not the zones to take them, especially not after such a large upwards run.”</p>
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 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="549" src="https://cdn.thebittimes.com/images/2023/12/29/2640cdd94c897b75f3c05d7a0fbfde30.webp" alt="Possible entry points for SOL. Source: Michael van de Poppe
" class="wp-image-146093" srcset="https://cdn.thebittimes.com/images/2023/12/29/2640cdd94c897b75f3c05d7a0fbfde30.webp 1024w, https://cdn.thebittimes.com/images/2023/12/29/2640cdd94c897b75f3c05d7a0fbfde30.webp 300w, https://cdn.thebittimes.com/images/2023/12/29/2640cdd94c897b75f3c05d7a0fbfde30.webp 768w, https://cdn.thebittimes.com/images/2023/12/29/2640cdd94c897b75f3c05d7a0fbfde30.webp 1536w, https://cdn.thebittimes.com/images/2023/12/29/2640cdd94c897b75f3c05d7a0fbfde30.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Possible entry points for SOL. Source: Michael van de Poppe
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 <p class="paragraph">In case of further retracement by this asset, the next ideal entry point for traders to engage in long-term positions would be $60.</p>
 <h2 class="wp-block-heading" id="h-sol-whale-activity-as-an-example">SOL whale activity as an example</h2>
 <p class="paragraph">With the increase in the price of SOL, some long-term holders are deep in the green zone, and one of them decided to cash out his profits.</p>
 <p class="paragraph">A substantial deposit of 303,756 SOL, equivalent to $32.8 million, was recently made by a prominent investor, commonly referred to as a “whale,” into Binance. This transaction has prompted speculation within the cryptocurrency community, suggesting that the move may have been executed to capitalize on potential profits through subsequent sales.&nbsp;</p>
 <p class="paragraph">The same whale conducted significant withdrawals in the preceding month, removing an impressive 423,754 SOL valued at $28.18 million from Binance at $66.5 per SOL. Despite these withdrawals, the whale retains a substantial stake of 119,998 SOL, amounting to $12.44 million, which is currently staked.</p>
 <p class="paragraph">The overall financial activity has resulted in a profit exceeding $17 million for the whale, per blockchain analytics platform <em>Lookonchain</em> post on December 28.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="803" src="https://cdn.thebittimes.com/images/2023/12/29/5c090bd3a397dba71714dae255323101.webp" alt="Whale holder SOL buy and sell points chart. Source: Lookonchain" class="wp-image-146094" srcset="https://cdn.thebittimes.com/images/2023/12/29/5c090bd3a397dba71714dae255323101.webp 1024w, https://cdn.thebittimes.com/images/2023/12/29/5c090bd3a397dba71714dae255323101.webp 300w, https://cdn.thebittimes.com/images/2023/12/29/5c090bd3a397dba71714dae255323101.webp 768w, https://cdn.thebittimes.com/images/2023/12/29/5c090bd3a397dba71714dae255323101.webp 1500w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Whale holder SOL buy and sell points chart. Source: Lookonchain
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 <h2 class="wp-block-heading" id="sol-price-analysis">SOL price analysis</h2>
 <p class="paragraph">At the time of press, SOL was trading at $107.60, noting an increase of 2.12% over the past 24 hours, adding to the gains of 16.01% made over the past 7 days, with a notable 81.04% change over the past month.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/12/29/ebf553e23d4d8bc0eac9c1d81f9237df.webp" alt="SOL 30-day price chart. Source: Finbold
" class="wp-image-146095" srcset="https://cdn.thebittimes.com/images/2023/12/29/ebf553e23d4d8bc0eac9c1d81f9237df.webp 1024w, https://cdn.thebittimes.com/images/2023/12/29/ebf553e23d4d8bc0eac9c1d81f9237df.webp 300w, https://cdn.thebittimes.com/images/2023/12/29/ebf553e23d4d8bc0eac9c1d81f9237df.webp 768w, https://cdn.thebittimes.com/images/2023/12/29/ebf553e23d4d8bc0eac9c1d81f9237df.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   SOL 30-day price chart. Source: Finbold
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 <p class="paragraph">Technical indicators for Solana, sourced from <em>TradingView</em>, reflect bullish sentiments.&nbsp;</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="249" src="https://cdn.thebittimes.com/images/2023/12/29/35b1e78146cae468fe1c080dc5c0f754.webp" alt="Technical analysis of Solana. Source: TradingView
" class="wp-image-146096" srcset="https://cdn.thebittimes.com/images/2023/12/29/35b1e78146cae468fe1c080dc5c0f754.webp 1024w, https://cdn.thebittimes.com/images/2023/12/29/35b1e78146cae468fe1c080dc5c0f754.webp 300w, https://cdn.thebittimes.com/images/2023/12/29/35b1e78146cae468fe1c080dc5c0f754.webp 768w, https://cdn.thebittimes.com/images/2023/12/29/35b1e78146cae468fe1c080dc5c0f754.webp 1466w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Technical analysis of Solana. Source: TradingView
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 <p class="paragraph">A summary of the indicators indicates a ‘strong buy’ rating at 16, with moving averages signaling a ‘strong buy’ at 14. Oscillators tend toward a ‘buy’ rating of 2.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/insider-insights-when-to-trade-solana-after-its-500-run-tbt75078.html">https://thebittimes.com/insider-insights-when-to-trade-solana-after-its-500-run-tbt75078.html</a></p>

Insider Insights: When to trade Solana after its 500% run

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