Will Solana’s Price Recover as Whales Accumulate $1.7M SOL?
Recent activity in the crypto market indicates a significant trend as Solana’s price experiences a much-anticipated recovery after hitting a one-month low. With whales accumulating a remarkable $1.7 million worth of SOL, there’s growing enthusiasm among investors about the prospects for this cryptocurrency.
Over the past week, SOL has shown resilience. After dipping to $177.21, today’s data reveals that it has bounced back to $195.73, reflecting a 9% surge within a single day. This uptick is not merely a fluke; technical indicators suggest that we might be witnessing the beginnings of a broader recovery in Solana’s price action.
Latest figures from Coinshare highlight a surge in whale activity, confirming that these influential traders are seizing the opportunity to buy the dip. The fact that $1.7 million was funneled into SOL last week is a strong hint that investor sentiment is shifting toward buying rather than panicking. Whales appear to be gearing up for a bullish run, possibly preceding a market upswing expected in mid-2025.
With its all-time high (ATH) of $263.83 reached in November, the recent price drop—around 29% during crypto market turbulence—has created fertile grounds for accumulation. While many experienced investors view this as a mere retest rather than a full-blown downturn, the fundamentals surrounding Solana remain promising.
Signs of Recovery Begin to Emerge
November was a landmark month for Solana, highlighting a surge in user adoption and the establishment of a new ATH. According to Glassnode, the network attracted 53% of global crypto users at its peak. Even though recent price corrections might trigger concern among traders, many analysts deem this pullback as a necessary phase, with the SOL price undergoing a breakout and retest cycle.
Today’s behavior of SOL—rocketing 9%—supports this positive narrative and suggests that investor interest is indeed building. Currently, SOL sits at $195.73 with a market cap of $93.8 billion. If the buying momentum continues, recovery could be just around the corner.
Technical Analysis Paints a Positive Picture
A closer look at Solana’s chart reveals a bullish trend with a leading rebound from a significant support level near the 200-day SMA. Analysts remain optimistic, noting potential for SOL to surpass the volume-weighted average price (VWAP) anchored from the September low. Furthermore, the 4-hour oscillator confirms an upward trend, reinforcing the possibility of a breakout above the 5-day SMA, which would signal sustained bullish momentum.
What Lies Ahead?
The crypto winter often brings caution, particularly surrounding Bitcoin’s unpredictable nature. Despite warnings of potential Bitcoin crashes, Solana and other altcoins might continue seeing upward movement fueled by institutional buying. With today’s 9% price increase in play, we still have a distance to go before returning to ATH levels, specifically a 29% climb. Many analysts are focusing on this breakout and retest phase, anticipating significant gains for altcoins as mid-year approaches.
It’s an exciting time for Solana, with the vibe shifting from skepticism to cautious optimism as whales pile in and price movements begin to reflect this new energy. Keeping a close watch on Solana could be rewarding as we navigate the rest of the year.
Keep those wallets ready! The next surge might be just around the corner.
