Will Solana Uptrend Resume as Whale Withdraws 206,111 SOL from Binance to Stake $36M?

Amid the ongoing pullback in Solana, whale activity involving SOL has been on the rise, particularly in staking wallets.

Transaction records on SolScan reveal substantial whale activity, with several SOL transfers from Binance to the wallet address AA21…VxH9. Lookonchain’s analysis indicates that this whale moved 206,111 SOL, valued at $36 million, from the Binance exchange over the past nine days.

Whales continue to buy $SOL and stake it!

AA21…VxH9 has withdrawn 206,111 $SOL($36M) from #Binance and staked it in the past 9 days.https://t.co/1vpVWG5SSK pic.twitter.com/42EAFnhQ7D

— Lookonchain (@lookonchain) October 31, 2024

Such movements, especially from large holders, typically indicate an optimistic outlook, as whales choose to stake their assets rather than keep them liquid for immediate trading. The whale’s portfolio is currently valued at approximately $29 million, primarily consisting of Marinade Staked SOL (mSOL). Its staking account holds 38,043 SOL, valued at $6,622,572.

Historical Whale Accumulations

This recent whale activity builds on earlier acquisitions by other participants. In September, a different whale accumulated 34,807 SOL, amounting to $4.52 million, and has since moved 207,000 SOL to self-custody since February. These holdings were acquired at an average price of $142, and approximately 115,135 SOL, valued at $15.3 million, were subsequently staked.

It is important to note that Solana’s (SOL) performance in 2024 has shown volatility, but recent data points to renewed whale interest and staking activity. After an early-year surge, SOL encountered resistance at the $200 mark, causing its price to fluctuate between $125 and $180.

Projected Uptrend for Solana

This retracement coincided with technical analysis showing an emerging bullish flag pattern on Solana, potentially indicating a further upward trend. Analyst Xanrox has identified a continuation pattern, suggesting that the current consolidation phase may precede another price increase.

For context, over the past week, SOL has gained traction again, reaching $183 after a brief retracement that pulled it back to $174 during this press.

According to Elliott Wave theory cited by Xanrox, SOL has already demonstrated impressive gains in wave 3 and is now progressing toward wave 5.

Fibonacci analysis from Xanrox outlines two potential price targets for SOL: a 0.382 retracement level at $383.39 and a 0.618 level at $829.17, marking potential gains of 119.9% and 372.77%, respectively. While a minor pullback may test the $147 level, overall sentiment remains positive for Solana’s trajectory.