Solana: Will whale activity take SOL beyond $209?

• Solana whales control 59% of Solana’s supply, with big players with over $5 million driving the market.
• Social volume has dropped since the spike on the 20th of September.

The Solana [SOL] market is heating up, wherein whale activity showed a huge spike upwards. Large holders are making their presence known with the price of the altcoin inching closer to a critical resistance level.

This could signal a potential shift in the market as whales take supply and drive the price into movement.

59% of Solana supply is under whale control

According to AMBCrypto’s analysis of Santiment data, Solana whales control 59% of the circulating supply.

These whales hold more than $5 million in SOL and tend to be large enough to drive and influence the market performance of the altcoin.

The high percentage suggests that the big players have a vested interest in pushing Solana above its resistance level.

The 59% indicates that whales are confident of Solana’s potential, and this may result in further upside price pressure over the coming weeks.

Source: Santiment

Will Solana break through?

Solana price is quickly approaching a key level of resistance at a very significant juncture where market trends could shift.

If whales continue their buying spree, the altcoin could break through this key resistance and incite a broader market rally.

Conversely, failure to break through resistance may lead to consolidation or a slight correction.

Source: TradingView

Recently, a prominent crypto analyst pointed to the increasing whale activity, positioning Solana as the leader among major altcoins.

Comparing data, whales in SOL hold most of the supplies compared to most competing cryptocurrencies. Strong whale participation places the altcoin in the front line for any potential bull run.

Social mentions fade

While whales have been active, the social volume of Solana has been gradually decreasing since its spike on the 20th of September.

From this, it can be deduced that retail investors are being more cautious of the asset despite the whales’ bullish move.

Source: Santiment

Read Solana’s [SOL] Price Prediction 2024–2025

Solana increased whale activity and reduced social volume signals mixed reaction.

While the accumulation by whales is a positive signal of the long-term prospects of the altcoin, the reduced social mentions may indicate that some investors are adopting a wait-and-see approach.