Solana’s network is experiencing notable changes as whales now control a significant 57% of the supply. This concentration of holdings can lead to increased market influence by these large stakeholders, possibly affecting price stability.
In addition to this, there’s been a remarkable 40% spike in open interest. Open interest refers to the number of outstanding derivative contracts, like futures or options, that have not been settled. This surge indicates increasing trading activity and potentially heightened volatility in Solana’s market.
These factors together suggest there might be a price correction for Solana towards the $165 mark. However, market analysts remain hopeful about continued bullish momentum that could drive Solana’s price to $187.
Investors should remain cautious in this dynamic environment, keeping an eye on these pivotal metrics to make informed decisions amidst Solana’s price fluctuations.
