A Solana (SOL) whale has been selling off significant holdings, potentially impacting Solana’s price and the move to $1,000. Despite this, Solana’s fundamentals remain strong, indicating a potential rally.
According to on-chain analytics from Lookonchain, a single whale has sold 594,000 SOL ($86 million) this year, depositing to Coinbase, Binance, and OKX. The last sale was on August 12 for 5,000 SOL ($720,000). The whale now holds only 0.1 SOL.
Another concern is the Pump.fun launchpad, which has sold 222,073 SOL for 35.54 million USDC at an average price of $160 over the past three months. The account still holds 274,583 SOL ($39.7 million), potentially adding selling pressure.
Crypto analysts like Ali Martinez and Crypto Kaleo predict that SOL could reach $1,000. They compare Solana’s growth potential to Ethereum's, which hit an ATH of $4,800.
Solana’s fundamentals, including a possible Spot Solana ETF launch in the US, suggest a significant rally. Solana also competes well with Ethereum in decentralized exchange (DEX) volume, with $8.667 billion traded in the last seven days compared to Ethereum’s $10.126 billion.
