Whales Accumulate Solana: 376K Tokens Withdrawn from Binance
Solana (SOL) has seen a remarkable surge of over 40% since early August, reaching its highest price level since February, reviving bullish sentiment among traders and investors. The focus now is whether Solana can maintain this momentum or if a consolidation phase is ahead. The coming days will be crucial in determining the next major price direction for SOL.
Key Points
- Solana Price: Up over 40% since August, trading at $218.91.
- Whale Activity: Two whale wallets withdrew a total of 376,076 SOL from Binance in the past 24 hours, valued at approximately $80.7 million.
- Market Trends: Despite volatility, strong network activity and DeFi adoption continue to support Solana.
- Key Resistance Levels: SOL faces resistance around $220–$225; a breakout could trigger further rallies.
- Long-term Potential: Whale accumulation signifies strong confidence in Solana’s future.
In-Depth Analysis
The impressive recovery of Solana is fueled by its ongoing growth in the decentralized finance (DeFi) sector and robust network activity. According to Lookonchain, the recent activity of two whale wallets indicates significant market confidence. Such buying behavior from whales typically predicts a bullish outlook for the future price movements.Specifically, the whales have moved assets from Binance to the decentralized finance platform Kamino, demonstrating their intent to not only hold but also strategically deploy capital for yield. This behavior reflects a positive signal in the market, suggesting that as developments unfold, SOL could see stronger upward momentum.