Is It Time for a Parabolic Rally?

Solana (SOL) Reclaims $100: Is It Time for a Parabolic Rally?

“Looking good as long as that $98 level is being held,” one popular X user claimed.
ByDimitar Dzhondzhorov

Solana’s native token has posted an 8% increase over the past 24 hours, prompting analysts to make highly bullish bets for the near future.

At the same time, some remain cautious, projecting potential double-digit declines, while certain factors reinforce the pessimistic thesis.

SOL’s Bullish Targets

Just a few hours ago, the asset’s price briefly exceeded $105, marking the highest point since early February. Currently, it trades at around $104, which translates into a solid 42% pump on a monthly scale.

SOL’s strong performance appears to stem from a blend of bullish factors working together. The most obvious one is the broader market resurgence driven by monetary policy changes in the US, among other reasons. Another element is the rising institutional interest, with spot SOL ETFs registering seven consecutive green days: something last observed in May this year.

Next on the list is the return of some of the big players. Analytics platform Lookonchain revealed that a smart trader (who has been inactive in the past two years) has purchased almost 96,000 SOL for nearly $10 million. The analytics resource noted that the market participant has previously completed two Solana swing trades, buying low and selling high both times, ultimately making $4.95 million in total profit. Of course, this has led to speculation that the player might know something the rest of us don’t.

For his part, X user Sweep disclosed that a whale opened a $14.8 million long position in Solana, stating that the investor previously made $1.1 million trading the asset with a 100% win rate.

Many analysts applauded SOL’s revival, expecting further short-term gains. X user Daan Crypto Trades argued that everything “looks good” as long as the price remains above $98.

Source: cryptopotato.com