Solana Whales Ramp Up Accumulation, Signaling Potential Price Surge

Solana whales have ramped up their accumulation, fueling market optimism as analysts predict a potential price surge. Recent on-chain data highlights substantial token purchases

Solana price analysis reveals that major investors, known as "smart whales," are actively accumulating large quantities of SOL tokens, indicating strong confidence in the cryptocurrency's future performance.

Recent on-chain data from Spotonchain highlights two smart money addresses that purchased a combined total of $18.5 million worth of SOL tokens from large cryptocurrency exchanges Binance and OKX. These substantial token purchases are being viewed as a bullish signal for the cryptocurrency.

One of the smart whale addresses, identified as "GJwCU," had been inactive for nearly a year before resurfacing to purchase 30,901 SOL tokens, valued at around $6.24 million, on March 15.

This whale had previously engaged in several SOL trades, ultimately securing a net profit of $8.15 million from the transactions. The address had sold 25,000 SOL tokens at an average price of $273.04 and later purchased 26,601 SOL tokens at an average price of $216.06.

Another wallet, labeled "5qDx," ended its two-month dormancy by withdrawing 61,319 SOL tokens from Binance and OKX at an average price of $202.53. This transaction, carried out on March 14, brought the total value of the acquired tokens to approximately $12.4 million.

Solana Price Analysis: Key Levels to Watch

Solana price analysis reveals that the token is currently facing strong support at the $198 level. A breakout above this level could lead to a rally toward the $220 resistance zone.

On the downside, a failure to hold the $198 support could result in a decline toward the $180 level. However, a broader market sell-off could push SOL price toward the $160 support zone.

Overall, the technical outlook for Solana remains bullish, with the token poised for further upside as long as it manages to stay above the key support levels.

Increased whale activity and the growing adoption of Solana's ecosystem are among the factors contributing to the positive market sentiment. If the current momentum continues, SOL price could attempt to push above the $300 level in the coming weeks.