TLDR
- Solana’s price stabilizing above $200 after recent $16M market inflow
- Two major whale addresses bought $18.5M in SOL from top exchanges
- ETF developments advance with SEC acknowledging Grayscale’s proposal
- Technical metrics show potential recovery with RSI at 53.47
- Market analysts project price target of $296 amid whale accumulation
After weeks of market volatility, Solana’s ecosystem is showing fresh signs of institutional interest, marked by the return of major whale addresses and steady spot market inflows. The digital asset has maintained its position above the crucial $200 level, despite experiencing turbulence in recent trading sessions.
Data from cryptocurrency analytics platform CoinGlass reveals a notable $16 million spot market inflow on Monday, marking the largest single-day buying activity in over a week. This surge in market interest comes as Solana works to recover from its January decline.
In a remarkable display of confidence, two dormant whale addresses have emerged to make substantial purchases. The first address, labeled “GJwCU,” ended its year-long silence by acquiring 30,901 SOL tokens from Binance, valued at approximately $6.24 million. This particular trader’s track record includes an impressive $8.15 million profit from previous SOL trading activities.
Another whale address, identified as “5qDx,” resumed activity after two months of inactivity. This address executed a larger purchase of 61,319 tokens, worth $12.4 million, splitting the buy between Binance and OKX exchanges at an average entry price of $202.53.
The regulatory landscape continues to evolve favorably for Solana. The Securities and Exchange Commission has taken an official step forward by acknowledging Grayscale’s application to convert its existing Solana Trust into an ETF product. This development sets the stage for a potential decision by October.
Market analysts at Bloomberg have weighed in on the ETF situation, suggesting a 70% likelihood of approval in 2025. This projection has added another layer of optimism to the market’s outlook on Solana’s institutional adoption potential.
Looking at technical indicators, Solana’s current market position shows promise. The Relative Strength Index (RSI) reads 53.47, indicating a slight bullish tendency with a moving average of 50.97. Technical analysts suggest that a move above 55 on the RSI could signal stronger upward momentum.
The asset’s price structure has formed a symmetrical triangle pattern, with current support holding near $200.56. Two key moving averages are being watched closely – the 50-day Exponential Moving Average at $212.58 and the 200-day EMA at $216.11, both serving as resistance levels.
Trading volume metrics show moderate activity at 190.93K, suggesting steady market participation. Traders are particularly focused on volume trends as indicators of potential price direction changes.
The Balance of Power (BoP) indicator currently sits at 0.65, suggesting buyers are maintaining control in the current market environment. This technical signal adds weight to the possibility of continued upward price movement.
Crypto market analyst VipRoseTr has highlighted Solana’s resilience at key support levels, suggesting potential for upward movement toward $296.38. The analyst notes the importance of current price levels for determining future trajectory.
From its January peak of $294.33, Solana experienced a correction of nearly 28%. However, recent institutional activity and whale movements suggest renewed interest in accumulation at current price levels.
Current trading data shows SOL maintaining stability around $204, with recent price action ranging between $199.59 and $208.83. Market participants continue to monitor these levels for signs of trend continuation.
The February spot inflows indicate that investors are finding value at current price levels, potentially laying groundwork for future price appreciation. This buying activity comes at a crucial time as the asset works to establish a firm foundation above $200.
Recent market developments suggest that larger players are positioning themselves for potential future price movements, while maintaining cautious optimism about the asset’s near-term prospects.
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