Recent on-chain data shows that Solana Whales are accumulating, and a prominent analyst predicts that the SOL price will hit $296.
On Tuesday, the Solana Smart Whales initiated an extensive purchasing binge that significantly affected the broader crypto market. During the crypto’s tumultuous intraday movement, the most recent on-chain data suggested that approximately $18.5 million tokens were accumulated. Consequently, traders and investors are expressing a bullish sentiment regarding the future of the SOL price, and a prominent market expert has further emphasized the coin’s potential to reach $296 soon.
Solana Smart Whales’ Accumulation Spree Incites Market Optimism
Solana smart whales have acquired substantial quantities of the token, as indicated by data from Spotonchain on X as of February 11. The data suggests that two “smart money addresses” have collectively amassed approximately $18.5 million in tokens from crypto exchange behemoths in the past day.
The address “GJwCU” was revitalized after nearly a year of inactivity to accumulate 30,901 tokens valued at $6.24 million from Binance. The trader achieved a profit of $8.15 million in his previous SOL trade, and this accumulation has since gained substantial momentum.
Additionally, the address “5qDx” acquired 61,319 tokens, valued at $12.4 million, from Binance and OKX at an average price of $202.53 following two months of inactivity. In general, these accumulations by traders with exceptional profit-booking portfolios (also known as “smart whales”) indicated that the coin could experience a substantial increase in value.
Recent ETF Developments balance additional Optimism
Concurrently, the asset’s future performance has been further bolstered by the increasing likelihood of SOL ETF approval. Bloomberg analysts recently predicted a 70% likelihood of an ETF approval in 2025, according to CoinGape.
If this occurs, the token’s allure to institutions could be enhanced, which is likely to increase in price. Specifically, the substantial accumulation of Solana smart whales in the context of this broader development has bolstered investors’ confidence in the future price movement of SOL.
Will the price of SOL increase to $296 shortly?
At the time of reporting, the price of SOL increased by 1%, reaching $204 after experiencing a volatile intraday fluctuation. The 24-hour low and high of the coin were $199.59 and $208.83, respectively.
Market participants are still closely monitoring the coin, anticipating favorable changes in response to the recent ETF-related developments and the increasing accumulations of Solana whales. Nevertheless, the asset is experiencing significant price volatility due to the broader crypto market volatility.
Nevertheless, crypto market analyst ‘VipRoseTr’ recently shared a post on X, outlining his Optimism regarding future price fluctuations. The analyst asserts that SOL is “bouncing from key levels and maintaining strong support, indicating the potential for further upside action.” This upward trend establishes the foundation for a price target of $296.38. According to the analyst, the coin could surpass $300 and experience a breakout if it experiences a sustained surge above this threshold.
