The Solana price has dipped by 3% today, with its move to $148.41 coming as the crypto market falls by 4% in the past 24 hours.
The market has reacted badly to yesterday’s very public feud between US President Donald Trump and former backer Elon Musk, with the war of words between the pair sending the US stock market down and, by extension, the crypto market.
This means that SOL is now down by 9% in a week and by 20% in the past fortnight, with the alt also suffering a disappointing 14% drop in the past year.
And to make matters worse, data from glassnode reveals that yesterday witnessed a big spike in terms of coin days destroyed for Solana, meaning that whales dumped large quantities of long-held SOL.
Solana Price Prediction: Spike in “Coin Days Destroyed” Indicator Hints at Whale Exit – Is $100 the Next Stop?
Posting on X, glassnode revealed that June 3 saw the third-biggest total for coin days destroyed for SOL in the year to date, at 3.55 billion SOL.
What this means is that investors who had held their SOL for a long time finally capitulated and dumped their tokens on the market, a bad sign as far as faith in the Solana price goes.
Significantly, the other big spikes in coin days spent preceded falls in the Solana price, as a whales presumably drove market sentiment downwards.
As such, SOL may have a difficult weekend ahead, with its chart today reinforcing the negative picture.
Most alarmingly, its 30-day average (orange) has just dropped below the 200-day (blue), forming a death cross that usually heralds incoming dumps.
We also see its RSI (purple) dropping almost to 30 today, another sign of strong selling pressure.
Source: TradingViewHaving had a good few weeks between the second half of April and second half of May, it now seems that the Solana price could be in for a rough ride in the near term.
It will be interesting to see whether it can avoid falling below the $145 support level, since if it avoids such a drop it may rebound quickly.
If not, it could fall to $140 or $130 before correcting upwards, although its longer term prognosis is much better.
Given that Solana is not only the second-biggest layer-one network, but is also looking forward to a couple of big upgrades (e.g. Firedancer and Alpenglow), it could have a strong end to the summer.
It could reach $250 by September, while the possibility of Solana ETF approvals could send it to £350 or higher by the end of the year.
New Solana-Based Tokens with Big Potential
Because Solana may be something of a slow burner this year, traders may want to diversify into newer tokens, in order to increase their exposure to potential market-beating rallies.
This means that they should investigate new coins, including presale tokens that will be listing on exchanges in the coming weeks.
A very good example of such a coin is Snorter (SNORT), a Solana-based meme token that has now raised over $450,000 in its recently begun sale.
Snorter is much more than a meme coin, however, with the project also launching a trading bot once its sale ends.
Its trading bot boasts numerous features which distinguish it from its competitors, including automated sniping (so that users can make profitable trades early), copy trading, atomic swaps, MEV protection, and rugpull protection.
Its native token, SNORT, will have a max supply of 500 million tokens, with 10% of this available to the presale.
Holders will be able to stake the token for a passive income, while they will also need it to access the Snorter trading bot and its various features.
It could therefore become hugely popular, with investors able to join its sale now by going to the Snorter website.
SNORT is selling at $0.0943, although this will rise regularly until the sale ends, at which point the coin will list and potentially surge.
The post Solana Price Prediction: Spike in “Coin Days Destroyed” Indicator Hints at Whale Exit – Is $100 the Next Stop? appeared first on Cryptonews.
