The Solana (SOL) market is heating up as large-scale whale movements signal strong accumulation trends, sparking speculation of a major price surge. On-chain data reveals that two previously dormant smart money addresses have returned, accumulating over 61,000 SOL, worth millions, in what analysts see as a bullish sign for the cryptocurrency’s future.
Whale Accumulation: A Bullish Indicator?
One of the whales, identified as “GJwCU”, made a massive purchase of 30,901 SOL—equivalent to $6.24 million—after a year-long inactivity. This wallet has previously turned an $8.15 million profit, further increasing market confidence in this move.
Meanwhile, another whale wallet, “5qDx”, broke its two-month silence by accumulating 61,319 SOL tokens, valued at $12.4 million. Notably, this purchase was made at an average price of $202, reinforcing the notion that smart money is accumulating ahead of a possible breakout.
A smart whale resurfaced after 2 months and withdrew 61,319 $SOL ($12.4M) from #Binance and #OKX at ~$202.53 today!
Previously, this whale had completed 2 $SOL trades between Dec 27, 2023, and Nov 30, 2024, earning an estimated total profit of $8.47M (+38.9%) with a 100% win… pic.twitter.com/2XNJok4bvA
— Spot On Chain (@spotonchain) February 10, 2025
Analysts Eye $296 Price Target
Crypto market analyst VipRoseTr has projected a potential Solana price surge to $296, citing the asset’s ability to hold key support levels and recover from crucial technical zones.
While price predictions should be approached with caution, Solana’s strong ecosystem, increasing whale activity, and stable market sentiment support the argument for a potential price rally.
🚀 $SOL Price Targets & Bullish Structure
🔹 #Solana ($SOL) is maintaining strong support and bouncing from key levels, signaling potential for further upside.
📊 Key Targets:
T1: $296.38
T2: $339.55
T3: $384.56📈 Technical Outlook:
A breakout above recent highs could push… pic.twitter.com/GJSlHW48MZ
— Rose Premium Signals 🌹 (@VipRoseTr) February 10, 2025
Solana’s Growing Ecosystem: A Key Strength
Beyond whale movements and price speculation, Solana’s expanding ecosystem plays a vital role in its long-term growth. The blockchain is home to a thriving network of decentralized applications (dApps) and projects, which further strengthen investor confidence and enhance adoption rates.
Market Sentiment: Optimistic but Cautious
Currently, Solana is trading at $204, reflecting a 0.06% dip in the past 24 hours. However, the bigger picture shows a 2% increase over the past week, suggesting stability amidst normal market fluctuations.
With 490 million SOL in circulation and a market cap nearing $97 billion, investor sentiment remains cautiously optimistic. Whale activity and bullish analyst forecasts indicate strong potential, but market volatility remains a key factor to watch.
Final Thoughts
Solana’s latest whale accumulation signals renewed confidence among institutional investors, and if price action aligns with technical predictions, a move toward $296 could be on the horizon. Will SOL break out and reach new highs?
