Solana Whale Bets Big on $150 Price Target

Solana's (SOL) price has been on the rise in September, increasing by nearly 20% and trading at $120. Analysts predict further gains towards $150 and beyond.

However, certain technical indicators suggest a short-term pullback may be on the horizon. The Relative Strength Index (RSI) of SOL has soared past 70, indicating overbought territory.

The actions of a mysterious whale also support a bullish scenario. The whale opened a $20.2 million long position on SOL with a liquidation price set at $98.

Institutional demand for SOL is also on the rise, with spot US SOL ETFs accumulating roughly 4.37 million coins worth around $450 million since July 13.