Is Solana Cryptocurrency Ready for a Possible Huge Price Rise? Some market analysts believe so, seeing that the cryptocurrency is moving in a favorable pattern.

Investors and traders are now turning their attention to Solana after an impressive comeback that saw the digital currency once again hit a two-month high.

Solana ready for a historic price rally

This was predicted by several analysts Solana could be bracing for an exponential price surge after the cryptocurrency successfully rebounded from its crash in August.

According to their calculations, the price of the cryptocurrency could skyrocket by more than 2,500%, saying that from its current price of just over $170, Solana is on track to reach $4,500. This is a huge growth that is exhilarating both traders and cryptocurrency enthusiasts.

The forecast was made after Solana has returned to $171 over the past 11 weeks, the highest level it has reached since Aug. 1. Traders argued that the digital currency’s impressive recovery indicates its price could rise further, saying it was gaining momentum and a 25-fold price hike was possible.

While some market observers agree that Solona’s price is trending upwards, they are somewhat bleak about a 2,500% escalate, offering a much more conservative estimate of the escalate.

According to CoinGecko, a $450 price escalate from the current $171 is more reasonable than the massive escalate predicted by other analysts.

Hey buddy, you mean $450?

— CoinGecko (@coingecko) October 21, 2024

The whale took advantage of the summit

Lookonchain reported that the whale took advantage of the moment when Solana reached a high of $164 and sold a huge portion of cryptocurrencies. According to the shrewd money tracker, the prominent whale sold $3.86 million worth of the digital currency, or the equivalent of SOL 22,726 – a move considered typical of a whale that tends to buy when the market falls and sell when the price reaches its peak .

The Astute Whale sold 22,726 copies $SOL($3.86 million) at the peak price 3 hours ago.

This shrewd money always buys $SOL at low prices and sells at the highest prices.

Currently it has 20 thousand $SOL($3.33 million), with a total profit of over $2.5 million!https://t.co/e3Pgb1aMQq pic.twitter.com/n3AbKFpf24

— Lookonchain (@lookonchain) October 21, 2024

At press time, this whale still holds approximately 20,000 SOL, equivalent to $3.33 million. The whale’s total profit is estimated at over $2.5 million.

Another brilliant spot

Meanwhile, another crypto company has adopted Solana on its platform, which is a positive development for the SOL coin.

Robinhood Crypto announced yesterday that it has enabled Solana on its platform, allowing platform users in the European Union to transfer the said digital currency.

Crypto transfers for $SOL are now available on Robinhood Crypto!

Withdrawal and deposit #SALTand earn with a 1% in-app deposit bonus (valid until November 30).

Conditions apply. Start: https://t.co/sb4gDoO6Ls#RobinhoodOnchain pic.twitter.com/UZFXToTqZJ

— Robinhood Crypto EU (@RobinhoodCrypto) October 21, 2024

The platform has joined the list of many companies supporting the employ of the Solana cryptocurrency.

To encourage users to transfer SOL currency, Robinhood Crypto offered its users a 1% in-app deposit bonus.

Solana becomes an addition to Robinhood Crypto’s product offering, which now includes buying and trading over 35 cryptocurrencies on the app. Additionally, its users can finance their Solana cryptocurrencies on the platform and earn an annual profit of 5.23%.

Featured image from Pexels, chart from TradingView