Solana Whales Scoop $18.5M—Is $296 the Next Stop?
Solana (SOL) is getting all the attention after a wave of whale activity shows bullish sentiment.
Recent on-chain data shows two big wallets classified as “smart money addresses” accumulated $18.5M worth of SOL.
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Blockchain tracker Spotonchain reported that wallet “GJwCU” came back to life after almost a year of inactivity to buy 30,901 SOL from Binance for $6.24M. Meanwhile, wallet “5qDx” bought 61,319 SOL from Binance and OKX for $12.4M at an average price of $202.53.
These big purchases are saying high net worth traders expect further price appreciation which is further strengthening the overall market sentiment.
Key Highlights:
Wallet “GJwCU” reactivated after a year to buy $6.24M in SOL.
Wallet “5qDx” accumulated $12.4M in SOL after two months of inactivity.
Total SOL accumulation by smart whales was $18.5M in one day.
ETF Speculation Fuels Optimism
The speculation of a Solana ETF is fuelling the optimism. Bloomberg analysts recently gave 70% chance of an ETF approval by 2025 which could bring in institutional money.
Historically ETFs have played a crucial role in legitmizing digital assets, attracting institutional investors and boosting market confidence. If an ETF is approved a SOL ETF could follow the same path as Bitcoin and Ethereum ETFs and potentially see massive price appreciation.
Market observers think institutional interest and whale accumulation is setting the stage for a big SOL move in the coming months.
Can SOL Reach $296?
SOL is currently trading at $204 which is a 1% daily gain. The 24 hour price range was $199.59 – $208.83 which is a big volatility.
Technicians are optimistic about SOL. Crypto analyst ‘VipRoseTr’ said SOL is holding key support which could be a springboard for more gains. He projects a target of $296.38 and a breakout above $300 if the momentum continues.
Key Market Trends:
SOL price fluctuated between $199.59 and $208.83 in the past 24 hours.
Analysts highlight strong support levels, hinting at a potential breakout.
A move past $296 could trigger a rally beyond $300.
While market volatility remains a factor, whale accumulation and ETF speculation create a compelling case for SOL’s bullish outlook. Investors will be closely watching the asset’s next moves in anticipation of a major price surge.
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