- A Solana whale withdrew 195K SOL worth $23.2M, signaling strong confidence amid a market dip.
- SOL demand surged as ‘Cumberland DRW’ staked 48,182 SOL, reducing exchange supply.
- Analysts predict SOL could hit $150, driven by whale accumulation and rising investor optimism.
A Solana whale shook the crypto market on Tuesday by significantly increasing their SOL holdings during a wider market decline. On-chain whale data indicated that an impressive 195,000 coins were withdrawn from major crypto exchanges as the SOL price plummeted near $120. Consequently, positive market sentiments regarding the sixth-largest cryptocurrency by market cap emerged among traders and investors, with a possible $150 target on the horizon.
Solana Whale Accumulates Amid Market Decline
Lookonchain data reveals that on March 11, a Solana whale recently withdrew 195,000 coins from major crypto exchanges. According to the whale data, $23.2 million in coins were purchased from leading CEXs Bybit, OKX, and Gateio over the last 24 hours.
This significant buildup by a major trader during a current market downturn demonstrated robust faith in the asset’s future potential. Consequently, the overall market feelings indicate a positive outlook regarding the asset’s long-term value potential.
Macroeconomic Factors Impacting Market Sentiment
Significantly, the wider cryptocurrency market is currently under substantial strain due to macroeconomic worries. Shortly after Donald Trump’s latest tariff controversy, the likelihood of a recession in the U.S. increased to 40%. Consequently, risk assets faced a globally anxious investor sentiment.
The price of Bitcoin dropped by $80K, even reaching a multi-month low of $76K this Tuesday. Altcoins, such as SOL, reflected the overall declining trend. Yet, the Solana whale’s choice to take advantage of the dip suggested a ‘buy-the-dip’ approach, creating positive waves among investors as it implies a recovery is on the horizon.
Rising Market Optimism as SOL Demand Grows
At the same time, an X post from Onchain Lens on March 11 disclosed that ‘Cumberland DRW’ recently staked 48,182 SOL, valued at $5.72 million. In conjunction with the significant SOL whale accumulation, this information fosters greater optimism, highlighting a decreased token supply on exchanges. In general, the whale data and staking narrative demonstrated increasing market enthusiasm for the asset’s prospects, creating a positive outlook for its price.
At the time of writing, the SOL price rose by just over 3% and was trading at $123. The coin saw its lowest point at $113.19 and its highest point at $131.24 within the last 24 hours. Observers of the crypto market foresee an upward movement approaching due to heightened purchasing of the asset.
At the same time, famous market trader ‘Coinvo’ appeared on X, claiming that Solana is set to surge forward. The trader points to a historical trend, indicating that a bull run is coming as the coin reflects its 2021 pattern.
Conversely, Bitcoin OG ‘Lucky’ posted on X, indicating that a small market shift could propel SOL past $150. According to the analyst, the coin is currently experiencing significant demand within the $110-$127 range. In total, when combined with the substantial Solana whale accumulation, the likelihood of these optimistic forecasts increased considerably.
