Solana (SOL) has recorded renewed bullish interest as a series of large whales pick up SOL. This comes on the heels of Grayscale’s interest in spot Solana ETFs and institutions citing reasons for Solana’s sustainability. New data from on-chain analytics firms show four whales moving assets off exchanges to other custodians, showing possible long-term holding plans.
The first whale withdrew 18,500 SOL worth approximately $4.2 million from Binance. The second came a few hours later as a whale transferred 46,103 SOL worth $10.85 million to another custodian. Subsequently, another large holder moved 100,010 SOL worth $22.46 million from Binance.
Finally, a few hours ago, a transfer of 20,897 SOL worth about $5 million was sent out of Binance. Overall, these four whales moved 185,510 SOL ($42.46 million) in the last 24 hours. This influenced many retail traders to pick up smaller assets in anticipation of price gains.
Institutions Drive Solana’s Growth
The rise of SOL this year has largely been driven by institutional investment. A glance at CoinShares Weekly Fund flows shows whales have leaned toward the asst compared to other altcoins. Solana has outpaced Ethereum this year despite the latter having more growth potential.
Grayscale’s spot Solana ETF application also saw new upticks in the past day, with traders setting new price targets. A major reason for Solana’s activity surge is its growing meme coin ecosystem. Solana meme coins surged to a market cap above $19 billion as users rolled out new assets.
The rising sentiments that followed Donald Trump’s win were another bull catalyst that spiked SOL’s price alongside other coins. Positive crypto regulations will attract global interest away from the current uncertain waters.
Traders Set New Targets For SOL
Solana’s price stands at $239 after soaring above 270% since December 2023. Consistent bullish drivers place the asset in the green zone on multiple periods.
Crypto trader @cryptojelleNL wrote on X (formerly Twitter) Manson an incredible bull case scenario for Solana at $600. While this figure remains high, bull drivers and positive macro can push the asset to new highs.
“$SOL broke its previous ATH, and now forms a falling wedge right on top of the 25-day EMA. Also retesting RSI midlevel. Looks ready to resume price discovery soon. My targets: $400-600. Send it.”
