Solana: Will whale activity push SOL value above $209?

• Solana whales control 59% of Solana supply, with large players with more than $5 million in revenue driving the market.
• Social volume has declined since the spike on September 20.

Solana [SOL] The market is heating up, as whale activity has shown a significant surge to the upside. Major coin holders make their presence known as the altcoin price approaches a critical resistance level.

This could indicate a potential shift in the market as whales take over the supply and push the price into action.

59% of Solana's supply is controlled by whales

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

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

The high percentage indicates that the big players have an interest in pushing Solana above his resistance level.

A percentage of 59% indicates that whales are confident in Solana’s capabilities, and this may lead to more upward pressure on prices in the coming weeks.

Source: Santiment

Will Solana succeed in achieving this?

Solana price is rapidly approaching a key level of resistance at a very important juncture where market trends could change.

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

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

Source: Trading View

Recently, a prominent cryptocurrency analyst pointed to increased whale activity, making Solana a leader among major altcoins.

Comparing the data, SOL whales have the most supply compared to most competing cryptocurrencies. Strong whale participation puts the altcoin in the front line of any potential upside.

Social signals fade

While the whales have been active, Solana's social size has been gradually decreasing since its high on September 20.

From this, we can conclude that retail investors have become more cautious towards the asset despite the bullish movement of whales.

Source: Santiment

Read Solana's book [SOL] Price forecasts 2024-2025

Increased whale activity and Solana's decreased social size indicate mixed reactions.

While whale accumulation is a positive sign for the long-term prospects of the altcoin, a decline in social signals may indicate that some investors are adopting a wait-and-see approach.