Solana Whales Accumulate $18.5M in SOL—Is a $300 Breakout on the Horizon?

• Smart whales accumulate $18.5M in SOL, signaling growing bullish sentiment.
• Analyst predicts SOL price could surge to $296, with potential to break $300.
• Solana’s market cap nears $100B, showing stability amid recent price fluctuations.

Solana’s smart whales have ramped up their accumulation, fueling market optimism as analysts predict a potential price surge. Recent on-chain data highlights substantial token purchases by major investors, reflecting strong confidence in SOL’s future performance. As accumulation intensifies, experts anticipate a breakout, with projections pointing toward a $296 price target.

Whale Activity Signals Growing Bullish Sentiment

On-chain analytics from Spotonchain reveal that Solana whales have been actively accumulating large amounts of SOL tokens. In particular, two smart money addresses recently acquired $18.5 million worth of tokens from major exchanges such as Binance and OKX. This strategic move underscores bullish sentiment among key investors.

One of these addresses, identified as “GJwCU,” resurfaced after nearly a year of inactivity to purchase 30,901 SOL tokens worth approximately $6.24 million. This whale had previously secured a profit of $8.15 million from prior trades, reinforcing confidence in its market strategy. Another wallet, labeled “5qDx,” ended its two-month dormancy by withdrawing 61,319 SOL tokens worth $12.4 million at an average price of $202.53.

Analyst Predicts Strong Upside for SOL Price

The recent accumulation trend has sparked discussions among market analysts regarding SOL’s potential trajectory. Crypto market expert VipRoseTr noted that Solana is maintaining strong support levels and rebounding from key technical zones. This price action signals the possibility of an upward breakout, pushing the token toward a $296 target.

The bullish sentiment stems from Solana’s resilience despite market fluctuations. If the current momentum sustains, analysts believe the price could surpass $300, driven by increased investor confidence and whale activity. Furthermore, the growing adoption of Solana’s ecosystem continues to strengthen its market position, adding to the bullish outlook.

Market Performance and Outlook

Solana is currently trading at $204.76, reflecting a slight 0.06% decline over the last 24 hours. However, over the past seven days, SOL has recorded a 0.44% gain, showcasing relative stability. With a circulating supply of 490 million SOL, the token’s market capitalization stands at approximately $99.95 billion.