Whale Accumulation Drives Solana Price Towards $200 Target

Whale accumulation and ETF speculation drive Solana’s price towards a $200 target as support strengthens and resistance is tested.

Solana (SOL) has been gaining attention as whale activity increases and the price builds pressure. This strong whale accumulation has led to a growing expectation that Solana could break out towards the $200 target.

The price is currently consolidating, and market participants are watching closely for a potential move above key resistance levels. As whales continue to accumulate, the chances of a significant price move are rising.

Solana Forms Tight Consolidation Structure

Solana’s price has been trading within a narrow range, with key levels of support and resistance forming. The price fluctuates between $128 and $144, creating a tight consolidation box.

This structure has held since late November, with the price repeatedly bouncing from support levels. Sellers have been protecting the $144 resistance, making it a crucial level to watch.

SOL price shows potential breakout towards $200 with strong support. Source: TradingView

As the range continues to narrow, the pressure builds for a potential breakout. Every time the price contacts the ascending support line, it recovers quickly, suggesting strong demand at these levels.

If Solana can break above the $144 resistance, the next major target would be around $170, followed by $200. Traders are waiting to see if the consolidation will lead to a breakout or continued range-bound trading.

The narrowing of price swings indicates that volatility is decreasing. This often precedes a significant price move once the range is broken.

Investors will be closely watching the $144 resistance, as a breakout above this level would signal a potential rally.

Whale Activity Strengthens Support Beneath Resistance

Whale activity has become an important factor in Solana’s price movement. Recently, large holders have withdrawn significant amounts of SOL from exchanges, with one wallet taking 200,001 SOL from Binance.

These moves indicate increased confidence in the price structure, as whales often accumulate during consolidation periods.

The withdrawal of SOL from exchanges reduces the selling pressure in the market. With fewer tokens available for sale, the buying interest at support levels becomes stronger.

This strengthens the rising-low pattern and reinforces the price structure. As a result, the support beneath the $128 level is solidifying.

Whale accumulation usually precedes significant price movements. The strong support beneath the current resistance suggests that the price could break higher.

As large holders continue to accumulate, the potential for a breakout increases.

Related Reading:  Solana Whale Goes All In With $26M Long Amid Market Downturn

ETF Speculation Drives Institutional Interest

Speculation about a Solana ETF has added another layer of excitement to the market. Invesco Galaxy recently filed paperwork for a Solana ETF, indicating a growing interest from institutional investors.

This move signals that more access to Solana-related products could soon be available, which may drive demand for SOL.

The ETF filing includes detailed information about the fees, operational procedures, and capital structure. This information has raised expectations for broader institutional participation.

The fact that Invesco purchased 4,000 shares worth $100,000 as seed capital further suggests growing institutional interest.

The potential launch of Solana ETFs could provide new ways for investors to gain exposure to SOL. This increased institutional access may support higher prices as demand for Solana-related products rises.

As the market anticipates more ETF progress, Solana’s price continues to build momentum toward the $200 target.

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