Solana Surges 6% as Whale Activity and Social Dominance Rise: A Positive Sign for the Altcoin’s Future?
In recent trading sessions, Solana (SOL) has experienced a significant upward movement, gaining more than 6% this week. As the altcoin closed above its previous weekly high, market participants grew increasingly optimistic about its future prospects. Currently consolidating at $154, SOL is building bullish momentum and may be on the verge of testing the key $160 resistance level.
One factor contributing to Solana’s bullish run is increased whale activity. According to an AMBCrypto analysis of Santiment data, whales holding more than 5 million SOL accounted for 56.80% of the total supply at press time. This heightened involvement by large holders is typically seen as a positive sign for upward price movement in the cryptocurrency market.
Moreover, social media buzz surrounding Solana has propelled it to the forefront of market attention with its Social Dominance jumping to 3.72%. This increase in social chatter indicates that both retail investors and institutions are showing heightened interest in SOL, further supporting a potential bullish breakout in prices.
Despite these positive signs, caution remains warranted due to high skepticism among market participants. According to Coinglass data, over half (51.96%) of traders were going short at press time – an indication that while there is optimism regarding Solana’s future growth potential, concerns persist about its ability to break through the $160 resistance level effectively.
