Solana Price Jump Attracts Big Whales, What’s Next for SOL? ⋆ ZyCrypto

Solana (SOL) has seen renewed bullish interest as a number of large whales pick up SOL. This follows Grayscale’s interest in spot Solana ETFs and institutions citing reasons for Solana’s sustainability. New data from on-chain analytics firms shows four whales moving assets from exchanges to other custodians, showing possible long-term holding plans.

The first whale withdrew 18,500 SOL, worth about $4.2 million, from Binance. The second came a few hours later when a whale transferred 46,103 SOL worth $10.85 million to another custodian. Subsequently, another major holder transferred 100,010 SOL worth $22.46 million from Binance.

Finally, a few hours ago, a transfer of 20,897 SOL, worth about $5 million, was sent from Binance. In total, these four whales have moved 185,510 SOL ($42.46 million) in the last 24 hours. This led many retail traders to purchase smaller assets in anticipation of price increases.

Institutions are driving Solana’s growth

SOL’s rise this year was largely driven by institutional investment. A look at CoinShares’ weekly fund flows shows that whales are leaning towards the Asst compared to other altcoins. Solana overtook Ethereum this year although the latter has more growth potential.

Grayscale’s spot Solana ETF application also saw fresh upside over the past day, with traders setting new price targets. A major reason for Solana’s surge in activity is the growing meme coin ecosystem. Solana meme coin rose to a market cap of over $19 billion as users adopted new assets.

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The rising sentiments that followed Donald Trump’s victory was another bull catalyst that drove SOL’s price higher along with other coins. Positive crypto regulations will generate global interest beyond the currently uncertain waters.

Traders set new goals for SOL

Solana’s price is at $239 after rising over 270% since December 2023. Sustained uptrends have seen the asset remain in the green for several periods.

Crypto trader @cryptojelleNL wrote on X (formerly Twitter) Manson an incredible bull case scenario for Solana at $600. Although this number remains high, bullish drivers and positive macro data can propel the asset to new highs.

“$SOL has broken its previous ATH and is now forming a falling wedge just above the 25-day EMA. Also, the mean RSI is being retested. Seems ready to resume pricing soon. My goals: $400-$600. Send it.”