Whale's Big Bet: $36 Million on Solana, Can It Help Regain Momentum?
Whales are active, with 206,111 SOL (worth $36 million) withdrawn from Binance for staking, indicating that Solana may be poised for a new round of increases. While the Solana market seems somewhat sluggish, whales are making frequent moves, especially in staking wallets.
The actions of major shareholders often indicate their optimism about market prospects. After all, whales choose to stake their assets instead of maintaining liquidity for immediate trading. Currently, this whale's portfolio is valued at approximately $29 million, with SOL making up the majority. Its staking account holds 38,043 SOL, valued at over $6.6 million.
Review of Whale Historical Data
Recent whale activity is not an isolated case. As early as September, another whale accumulated 34,807 SOL, amounting to over $4.5 million. Since February, 207,000 SOL have been transferred to self-custody. The average acquisition price of these assets was $142, after which approximately 115,135 SOL, worth $15.3 million, were staked.
It is noteworthy that while Solana's performance has fluctuated in 2024, recent interest and staking activity by whales have rebounded. After a surge in SOL prices at the beginning of the year, it faced resistance at the $200 mark, subsequently fluctuating between $125 and $180.
Prediction of Solana's Upward Trend
This pullback aligns with technical analysis. Analyst Xanrox has identified that Solana is displaying a bullish flag pattern, which may indicate a new round of increases. Over the past week, SOL has regained momentum, briefly pulling back to $183, and as of this report, it has retraced to $174.
According to Elliott Wave Theory, SOL has made significant progress in the third wave and is currently developing towards the fifth wave.
Xanrox's Fibonacci analysis indicates that SOL has two potential price targets: the 0.382 retracement level at $383.39 and the 0.618 level at $829.17, corresponding to potential gains of 119.9% and 372.77% respectively. Although a short-term pullback to $147 is possible, the overall market remains optimistic about Solana's trajectory.
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