The news article reads as follows:
Solana controls 57% of the supply, and open interest has surged by 40% to reach $2.3 billion.
After breaking through the resistance level at $162, SOL may correct to $165 before targeting $187.
Solana [SOL]
Bullish momentum continues with the emergence of altcoins
Pointing towards a promising upward trend is a key indicator.
Whale activity has surged alongside open interest, capturing the market’s attention. As traders closely monitor the charts, the million-dollar question will be whether Solana can truly reach the next major target of $187.
Whale activity takes center stage
According to AMBCrypto’s analysis of Santiment data, whale activity has seen a significant increase, with wallets holding over 5 million Solana now accounting for 57% of the supply.
This extreme accumulation indicates that major investors are ultimately confident in the token’s long-term prospects. With whale dominance on the rise, Solana is poised to take further price action.
Solana open interest surges by 40%
With the increase in whale activity, Solana’s Open Interest has surged by 40% in just two days, reaching $2.3 billion. This rapid rise indicates increasing participation in the futures market, signaling high investor optimism.
In most cases, this would lead to greater price volatility, adding further momentum to SOL’s already bullish outlook.
Liquidity pool at $165 hints at potential correction
Despite positive indicators, Solana may face potential resistance in the short term. Before seeing further upward momentum, the price may undergo a slight correction to $165.55, with over $13.94 million present in the liquidity pool.
For those looking to enter the market before the next upward move, this could present a buying opportunity, increasing market inflow.
Optimism grows for Solana’s $187 target
Solana broke through the key resistance level of $162 after a recent 12% surge. This breakthrough sends a strong signal to market participants.
Read more: Solana’s [SOL] Price Predictions
2024 – 2025
However, the next SOL hurdle now appears at the $187 price level.
With rising open interest and strong whale activity, Solana is in a good position to challenge higher targets.
