Solana Stuck at $99: Bulls Eye $500, Bears Predict $80 Pullback

Solana's price has been hovering just below $100 in recent days, with both bulls and bears presenting strong cases for their respective targets. On one hand, a nearly 33% monthly surge in SOL has emboldened investors who believe the token can reach as high as $500. This optimism is fueled by whale accumulation, with large investors buying up significant amounts of Solana over the past few weeks.

Analytics platform Lookonchain reported that HURDw, a group of large investors, snapped up nearly $30 million worth of SOL in just three weeks. Meanwhile, X user Ted noted that a single whale purchased $9 million of Solana, suggesting that smart money is rotating into altcoins like Solana.

On the other hand, some traders are warning of a potential pullback to as low as $80. Crypto with Haris, who has carried over $180,000 in unrealized losses, expects SOL to drop towards this level, citing a bearish divergence in the Stochastic oscillator.