A significant development in the Solana ecosystem has caught the crypto community’s attention. A dormant whale address has awakened, moving over 61,000 SOL tokens worth $12.4 million. This movement signals renewed interest in the leading Layer-1 blockchain.
Whale Activity Signals Market Confidence
Two major whale addresses have shown notable activity. The first wallet, dubbed ‘5qDx’, transferred 61,319 SOL at an average price of $202. Another whale address ‘GJwCU’ moved 30,901 SOL tokens worth $6.24 million.
These whales have demonstrated profitable trading histories. One account previously secured an $8.47 million profit from SOL trades. Such successful track records add weight to their current accumulation strategy.
Technical Analysis Points Higher
Market analyst VipRoseTr projects a potential surge to $296. This forecast stems from Solana’s strong technical foundation. The token maintains key support levels while showing resilience in critical zones.
Additional price targets include:
- First target: $296.38
- Second target: $339.55
- Third target: $384.56
Ecosystem Growth Supports Bullish Outlook
Solana’s expanding ecosystem strengthens its long-term prospects. The network continues to attract developers and projects. This growth creates a sustainable foundation for future value appreciation.
Current market metrics show stability. SOL trades near $204, with a market cap approaching $97 billion. The token’s 2% weekly gain suggests controlled growth rather than speculative movement.
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Market Implications
The combination of whale activity and technical strength suggests growing institutional interest. SOL’s stability amid market fluctuations demonstrates mature price action. These factors support a potentially sustained upward trend.
Tags: #Solana #WhaleActivity #CryptoTrading #DeFi #BlockchainTechnology
Source: NewsbtC