Whale Addresses Accumulate $18.6M as Support Holds

TLDR

• Two major Solana whales have reactivated after periods of dormancy, with one accumulating 61,319 SOL ($12.4M) and another acquiring 30,901 SOL ($6.24M)
• Market analyst VipRoseTr predicts potential SOL price targets of $296, $339, and $384, citing strong support levels
• Solana is currently trading around $196-204, showing relative stability with a modest 2% weekly gain
• A bearish trend line has formed with resistance at $198, with key support levels at $194 and $188
• Technical indicators show the MACD gaining momentum in the bullish zone, with RSI above 50

Two previously inactive Solana whale addresses have sprung back to life, accumulating a combined $18.6 million worth of SOL tokens. The purchases come as the cryptocurrency consolidates near the $200 price level, drawing attention from market participants and analysts alike.

On-chain data reveals that a wallet identified as “5qDx” broke its two-month silence by withdrawing 61,319 SOL tokens, valued at approximately $12.4 million, from cryptocurrency exchanges Binance and OKX. The purchase was made at an average price of $202.53 per token.

This particular whale has demonstrated profitable trading behavior in the past. Between December 27, 2023, and November 30, 2024, the address completed two SOL trades that resulted in an estimated profit of $8.47 million, representing a 38.9% return on investment with a 100% win rate.

A second whale address, labeled as “GJwCU,” emerged from a year-long period of inactivity to acquire 30,901 SOL tokens, worth approximately $6.24 million. This wallet has also shown previous success in its trading activities, having recorded an $8.15 million profit from earlier transactions.

The timing of these purchases has caught the attention of market analysts, including VipRoseTr, who has outlined several price targets for Solana. The analyst suggests potential upside movements to $296.38, $339.55, and $384.56, based on technical analysis and support level observations.

Techincal Analysis

Current market data shows Solana trading at approximately $204, representing a minor decrease of 0.06% over the past 24 hours. Weekly performance indicates a modest gain of about 2%, suggesting a period of relative price stability despite regular market fluctuations.

The cryptocurrency’s market structure currently shows a bearish trend line forming with resistance at $198 on the hourly chart. Technical indicators present a mixed picture, with the MACD gaining momentum in the bullish zone and the Relative Strength Index (RSI) maintaining position above the 50 level.

Support levels have established themselves at $194 and $188, providing potential cushions against downward price movement. On the upside, resistance levels are noted at $200 and $202, with additional barriers potentially emerging at $210 and $220 if upward momentum builds.

Recent price action shows that Solana failed to maintain momentum above the $210 zone, leading to a decline that tested lower support levels. The price briefly touched $188 before initiating a recovery wave that pushed it back above $190 and $192.

The token has cleared the 23.6% Fibonacci retracement level of the downward move from the $209 swing high to the $188 swing low. However, bears remain active below the $200 level, defending the 50% Fibonacci retracement level of the same price swing.

Solana’s total circulating supply currently stands at 490 million tokens, with a market capitalization approaching $97 billion. This positions the asset among the top cryptocurrencies by market value.

If the price fails to breach the $200 resistance level, another decline could materialize. Initial support would likely be tested near the $194 zone, followed by the established support at $188. A break below these levels could see the price move toward the $180 mark.

The whale accumulation occurs against a backdrop of broader ecosystem development for Solana. The platform continues to host an expanding range of decentralized applications and projects, contributing to its fundamental value proposition.

Recent price movements have shown rebounds from key technical zones, suggesting underlying market resilience. The $200 price level has emerged as a crucial psychological and technical barrier for traders and investors alike.

The two whale addresses’ return to activity has injected fresh capital into the Solana market, potentially indicating confidence in the asset’s near-term prospects. Their previous trading success adds weight to their current market positioning.

Current hourly chart analysis shows Solana trading above its 100-hour simple moving average, maintaining position despite recent market fluctuations. The price action suggests a period of consolidation as market participants assess the impact of recent developments.

Market observers continue to monitor whale activity as a potential indicator of future price movement, with particular attention paid to any additional large-scale accumulation or distribution patterns that may emerge.