- Smart whales accumulated $18.5 million in SOL, signaling strong market confidence despite price volatility.
- Analysts estimate a 70% probability of a Solana ETF approval in 2025, boosting institutional interest.
- Solana’s price held key support levels, with projections targeting $296 as the next potential milestone.
Solana’s market momentum saw a significant boost as smart whales initiated large-scale purchases, accumulating roughly $18.5 million worth of SOL tokens. On-chain data from Spotonchain indicated that two key addresses acquired the tokens from major exchanges amid volatile price action.
Smart Money Addresses Boost SOL Holdings
On February 11, data highlighted two prominent wallets accumulating Solana tokens. One of the wallets, identified as “GJwCU,” reactivated after nearly a year of dormancy and purchased 30,901 SOL tokens valued at $6.24 million from Binance. This investor previously secured an $8.15 million profit from past Solana trades, reinforcing confidence in the move.
Another address, “5qDx,” resumed activity after two months and bought 61,319 SOL tokens, worth approximately $12.4 million, from Binance and OKX. These accumulations by investors with strong profit records indicate growing optimism about Solana’s future price movements.
Rising ETF Approval Odds Strengthen Market Sentiment
Adding to the positive outlook, the likelihood of a Solana ETF approval has increased. Bloomberg analysts recently projected a 70% probability of approval in 2025, raising investor interest in the asset. If approved, an ETF could drive institutional adoption, significantly impacting SOL’s price trajectory. The growing accumulation of Solana by major investors aligns with this broader development, further solidifying market confidence.
At the time of reporting, Solana’s price climbed 1%, reaching $204 after fluctuating between $199.59 and $208.83 within 24 hours. The increase follows a volatile trading session, with market participants closely monitoring further price movements. The broader crypto market remains highly unpredictable, influencing SOL’s short-term performance.
Crypto analyst ‘VipRoseTr’ recently highlighted Solana’s resilience, emphasizing its ability to hold key support levels and bounce from critical price zones. According to the analysis, maintaining this momentum could push SOL’s price toward $296.38. If the asset sustains its upward trajectory, breaking past the $300 mark remains a possibility.
