- A crypto trader is projecting SOL’s likely run to $600 in two months
- An unlock of over $2.5 billion in March could dent the altcoin’s market sentiment
Undoubtedly, Solana [SOL] has been this cycle’s highlight, fronting a 13x after rallying from $8 to nearly $300 in a record 18 months. In fact, some asset managers, like Bitwise, have projected the altcoin could top $750 by the end of the cycle.
That’s not all though. Bob Loukas, a renowned crypto trader, has joined the fray with a bold prediction of $600 in two months.
“My read on $SOL, feels like pressure building and once released, could run very quickly (<8 weeks) to $600. Price action & history, economic activity, narrative, phase of cycle, all support.”
For context, Solana is now the fastest and cheapest blockchain, compared to Ethereum. It has eclipsed Ethereum on key fronts apart from TVL (total value locked) – A trend that Delphi Digital believes could make it flip ETH in 2025.
Another milestone confirmed the chain’s traction – Outpacing Ethereum’s monthly stablecoin growth.
Source: Artemis
Solana’s $2.5 billion unlock
However, the Solana community might face a hard time ahead of the upcoming unlock. Between February and April, over 14M SOL tokens will be unlocked.
In March, 9.7M SOL tokens, worth $2.5 billion, will be released to the supply. And, the sentiment might be negatively affected. One user stated,
“February is the biggest one yet, then March triples February’s unlock with $2.5B of cheaply purchased SOL finally available to sell. This is while influencers who switch conviction plays daily call for $1000 as every SOL meme relentless bleeds out.”
Source: X
One of the top SOL supporters, Gumshoe, reiterated the same outlook and castigated the ‘influencers’ calling for a $1k cycle top. He said,
“The biggest risk for the unlocks is that if we are not in a macro uptrend, $SOL will probably underperform on bounces and dumps. Unlocks or not, calling for $SOL $1K is stupid and irresponsible. It shouldn’t be taken seriously unless we talk about a multi-year timeframe (>5 years).”
However, the analyst added that the unlocks (2.7% of supply) will be sold over time and not immediately.
In the meantime, whales have trimmed their exposure in the Futures market – Signaling a likely muted price action over the weekend.
Source: Hyblock
This was illustrated by the declining Whale vs. Retail delta (dropping green bars). In most cases, a fall in whale exposure (red) has always correlated with SOL’s price pullbacks.
Additionally, there seemed to be a spike in distribution, further reinforcing that large players booked profits from the latest jump to the $295-level.
