Solana (SOL) Price Prediction: Will the Whale Buy the Dip and Spark a New Bull Market?

The bold move flagged by Lookonchain left many wondering if this is a calculated accumulation or a blunder.

A Solana whale liquidated a whopping $52.78 million in SOL at an average price of $141 to reenter the market with a large purchase on Friday, according to blockchain data.

The huge transaction was pointed out by crypto researcher Lookonchain. The funds were reportedly withdrawn from Binance and used to buy SOL at an average price of $141, for a total of $52.78 million.

The move comes just days after the whale offloaded nearly half a million SOL tokens at a much lower price point of $115, leaving many to speculate if this is a calculated accumulation or a blunder.

This is a significant development, especially considering the backdrop of a 50% uptick in 24-hour trading volume, according to CoinMarketCap. The sixth-largest cryptocurrency is up 9% over the past month, currently trading around the $140 mark.

Additionally, data shared by popular crypto analyst Ali Martinez indicates that the number of wallets holding over 10,000 SOL has increased by 1.53% over the past week. This signals growing investor confidence in the cryptocurrency’s long-term potential.

The Solana network itself is outperforming some of the industry’s biggest names. In the last seven days alone, it recorded 28.4 million active addresses — more than Ethereum, Bitcoin, and other top-tier blockchains.

Interestingly, later on April 20, Solana also briefly overtook Ethereum in terms of total staked value. This “flippening” was partially fueled by SOL’s stronger performance relative to ETH over the past two years, where the SOL/ETH ratio jumped almost 10x since June 2023.

Pseudonymous analyst CryptoCurb recently predicted a 1,300% surge in SOL price in the long-term. In an X post, they cited impressive network metrics and set a $2,000 price target for the token.

Solana (SOL) Price Outlook

On the daily SOL price chart, the RSI is currently at 58.78 with an upward gradient. This suggests bullish momentum with key resistance around the $145–$150 range.

SOL price chart | Source: TradingView

Bollinger Bands are widening, with the price now pushing against the upper band. This often indicates increased volatility and a potential breakout scenario, with the mid-band (20-day SMA) acting as crucial support at $124.

Meanwhile, the MACD line is above the signal line and both are in positive territory, a classic bullish signal. However, traders should watch for a possible bearish crossover if buying momentum fades.

SOL price chart | Source: Trading View

Crypto investor Ted Pillows suggested that Solana’s current fractal mimics the bottoming pattern of late 2022. He predicted a rally toward $160–$180 by May and floated the possibility of a new all-time high by Q3 2025.

It is important to note that SOL is currently trading with a 52% drop from its peak of $294, achieved on Jan. 19, 2025.