TLDR
- Long-dormant Solana wallet reactivates with massive $12.4M withdrawal from exchanges
- Second whale address joins accumulation trend with $6.24M SOL purchase
- Historical data shows both wallets have track records of profitable trading
- Technical analysis suggests multiple resistance levels above $200
- Market shows consolidation pattern with key support at $194 and $188
Fresh market data reveals the reactivation of two major Solana wallet addresses, marking their return with combined purchases totaling $18.6 million in SOL tokens. The movement comes during a period of price consolidation around the $200 mark, capturing the attention of market watchers and analysts.
Blockchain analytics show a notable wallet, tagged as “5qDx,” ending its two-month dormancy period with a substantial withdrawal of 61,319 SOL tokens from major cryptocurrency exchanges Binance and OKX. The transaction, valued at $12.4 million, was executed at an average entry price of $202.53.
Historical performance data for this address shows an impressive track record. During the period spanning December 27, 2023, to November 30, 2024, the wallet completed two profitable SOL trades, generating returns of $8.47 million and maintaining a perfect win rate of 100%, representing a 38.9% return on investment.
A second whale address, identified as “GJwCU,” broke its year-long silence by acquiring 30,901 SOL tokens, representing a $6.24 million position. This wallet’s past activities include successful trades resulting in profits exceeding $8.15 million.
Markey Analysis
Market analyst VipRoseTr has published technical analysis suggesting potential upside targets. The analysis points to possible price levels of $296.38, followed by $339.55, and an extended target of $384.56, based on current market structure and support levels.
Price data indicates Solana trading near $204, showing minimal movement with a 24-hour change of -0.06%. Weekly performance metrics reveal a modest 2% increase, indicating a phase of price consolidation amid regular trading activity.
Technical indicators present mixed signals for short-term price action. The MACD indicator shows increasing momentum in bullish territory, while the RSI maintains its position above the 50 threshold, suggesting balanced market conditions.
The market structure currently displays a bearish trend line with resistance established at $198 on hourly timeframes. Support zones have formed at $194 and $188, creating potential price floors for any downward movements.
Recent price dynamics show Solana’s inability to maintain momentum above $210, resulting in a pullback that tested lower support levels. The price found temporary support at $188 before initiating an upward move that reclaimed the $190 and $192 levels.
Analysis of Fibonacci retracement levels shows the price has cleared the 23.6% retracement of the recent downward move from $209 to $188. However, selling pressure remains evident below $200, with bears defending the 50% retracement level.
The total circulating supply of Solana currently stands at 490 million tokens, with market capitalization approaching $97 billion. This metrics position Solana among the top-tier digital assets by market value.
Market participants are closely monitoring the $200 price level, which has emerged as a crucial technical and psychological barrier. A failure to breach this resistance could trigger renewed selling pressure toward the $194 support zone.
The timing of these whale movements coincides with ongoing development within the Solana ecosystem. The platform continues to expand its range of decentralized applications and projects, contributing to its fundamental market position.
Technical chart analysis reveals price rebounds from key zones, suggesting underlying market strength. The $200 level continues to act as a pivotal point for both buyers and sellers in the current market structure.
The reactivation of these whale addresses introduces fresh capital flows into the Solana market. Their historical trading success adds weight to their current market positioning and has drawn attention from other market participants.
Hourly chart patterns show Solana maintaining position above its 100-hour simple moving average, despite recent market volatility. The price action indicates a consolidation phase as traders assess recent developments.
The cryptocurrency continues to show resilience at current levels, with price action suggesting accumulation patterns forming. Market observers note the potential for increased volatility as these large positions settle.
Trading volumes show balanced activity between buyers and sellers, with neither side gaining clear dominance. This equilibrium contributes to the current consolidation pattern observed in price charts.
Market analysts continue to monitor these addresses for additional movement, noting that whale activity often precedes broader market trends. The strategic timing of these purchases has sparked discussion about potential near-term price movements.
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