Solana whales go on buying spree: $296 Price tag next?

1 month ago 16

Something big is happening in the Solana market. The whales are making bold moves, snapping up millions worth of SOL.

Could this be the moment where Solana’s price finally rockets past expectations?

Imagine having a crystal ball that shows you where smart money is headed before the rest of the world catches on.

That’s what on-chain data does, it reveals the buying patterns of seasoned investors who know how to make profitable moves in crypto.

Solana

According to recent data, two major wallets, often referred to as “smart money addresses”, have just acquired a massive $18.5 million worth of SOL in a single day.

One of these wallets, which had been inactive for almost a year, suddenly came to life to purchase 30,901 SOL tokens.

The other, which had been quiet for two months, jumped back in to grab an even bigger amount, 61,319 SOL.

Why does this matter? These aren’t just random buyers; they’re experienced traders who have made significant profits on Solana in the past.

They don’t gamble, they move when they see an opportunity. If they’re stocking up, it could mean something big is brewing.

Could an ETF be the next big catalyst?

Another reason for this surge in optimism is the potential approval of a Solana Exchange-Traded Fund (ETF).

Think of an ETF as a way for big institutions, banks, hedge funds, and pension funds, to invest in Solana without actually holding the tokens themselves.

When institutions get involved, they bring enormous amounts of money, which can send prices soaring.

According to top analysts at Bloomberg, there’s now a 70% chance that a Solana ETF will be approved by 2025. That’s huge news. The last time Bitcoin got an ETF approval, its price skyrocketed. If the same happens for Solana, the current $200 price tag could look like a bargain in hindsight.

The road to $296!

At this moment, Solana is sitting around the $204 mark, showing signs of strength despite the usual crypto market volatility.

But here’s where it gets interesting: Some experts believe SOL isn’t just going to inch higher, it could surge all the way to $296.

A respected crypto analyst recently pointed out that Solana is holding firm at key support levels, meaning it’s bouncing back whenever the price dips.

That’s often a strong sign of an impending breakout. If SOL can sustain its momentum and push past certain resistance points, $296 could be the next stop.

And if it goes beyond that? A push past $300 could trigger an even bigger rally, attracting more investors and institutions looking to ride the wave.