Solana Price Prediction as SOL Suddenly Blasts Up 8% in 24 Hours – Are Whales Buying?

cryptonews.com:

The Solana price has bounced by as much as 8% today, with its rise to $25.29 coming after the Federal Reserve pushed its base rate up by another 0.25% yesterday.

It's expected that this hike will be one of the very last of the current economic cycle, with this expectation helping to buoy the cryptocurrency market as a whole, with SOL now up by 52% in the last 30 days.

And with the altcoin also having recovered by around 150% since the beginning of the year, there's a real sense that SOL is on course to be one of the most profitable major cryptocurrencies of 2023.

Now looks like a good time to buy SOL, at least judging by its chart and indicators.

The token's relative strength index (purple) has risen above 60 and looks set to continue, meaning that the buying momentum rushing towards it is only going to strengthen in the next few days.

Likewise, SOL's 30-day moving average (yellow) has flattened out after sliding downwards in the past week, suggesting that it could be about to launch a little breakout upwards.

Importantly, the altcoin's 24-hour trading volume has risen above $700 million in the past few hours, up from about $350 million only a few days ago.

This suggests that investors – including larger investors – have plowed into SOL's market, with whales potentially rallying behind the coin in a bid to boost its price and make some tidy profits in the coming weeks.

While there have be no reports of recent large whale transfers, last week did see the movement of just over $53 million in SOL from Binance to a private wallet, suggesting that whales may be accumulating the coin at the moment.

If so, we could really see SOL continue to climb in the short-term (if not for longer), helped along by the fact that Solana has been