- Solana (SOL) has surged 8% in the last 24 hours, driven by strong whale accumulation and a 52% increase in daily trading volume, reaching $7 billion.
- Analysts are optimistic about a rally, with price targets of $330, while the potential approval of a Solana ETF under the upcoming Trump administration could further boost SOL prices.
In a notable turn of events, Solana (SOL) has seen an 8% price increase over the last 24 hours, climbing to approximately $217 levels. This upward movement is supported by robust whale activity and a remarkable 52% surge in daily trading volume, which reached $7 billion. The coin has not only bounced from a key support level but is also looking to break free from its previous downtrend, prompting many analysts to set a price target as high as $330.
Whale Moves Signal Strong Interest in SOL
One of the key factors contributing to Solana’s recent price surge is the significant activity from a Solana whale, whose actions are drawing considerable attention. The whale spent over $30 million acquiring SOL tokens, buying up 11,824 SOL with 2.49 million USDC, and withdrew an additional 18,527 SOL, worth nearly $4 million, from Binance. This whale also deposited a total of 144,817 SOL (valued at $30.44 million) into Kamino, where it borrowed $20 million in stablecoins. Such large-scale moves suggest a bullish outlook on the cryptocurrency, further fueling market speculation that Solana’s price could see new heights.
Market Rally Boosts Optimism for Solana
The broader cryptocurrency market has also been recovering, with Bitcoin surging past its crucial resistance level of $102K. This surge in Bitcoin has reignited hopes for a major rally across the altcoin market, including Solana. In fact, analysts have pointed to the recent breakout of SOL from its downtrend as a signal that the cryptocurrency is poised for a strong rally. Crypto Jelle, a well-known analyst, has set a price target of $330 for Solana, suggesting that the asset is ready for an upward movement, potentially setting a new all-time high above $300.
Solana ETF Approval Could Push Prices Even Higher
In addition to whale accumulation, the demand for a Solana exchange-traded fund (ETF) is gaining traction. Analysts predict that a spot Solana ETF could be approved under the upcoming Trump administration, which may have significant implications for the market. JPMorgan analysts estimate that such an ETF could attract between $3 billion and $6 billion in capital inflows, potentially pushing the SOL price toward $500-$750, depending on institutional interest and market conditions.
As Solana continues to gather momentum amid strong whale interest and market optimism, the cryptocurrency’s future looks promising. With a potential ETF approval on the horizon, SOL might be on the verge of breaking out into a new phase of growth.
