- Solana Smart Whales bought $18.5M of SOL tokens from Binance and OKX in one day.
- Bloomberg analysts have predicted a 70% chance of a Solana ETF approval in 2025.
- SOL price has hit the $204 mark after intraday volatility, with analysts eyeing a $296 target.
Solana Whales made a massive token purchase by spending $18.5 Million in SOL tokens in one day. This coincided with analysts’ anticipation of a 70% probability that a Solana Exchange-traded fund (ETF) will be approved for distribution in 2025.
The SOL price briefly hit $204 after the whales made their acquisitions. As a result, market analysts started tracking Solana’s price action.
Solana Whales Acquire $18.5 Million Worth of Tokens
According to on-chain data from Santiment, Solana whales purchased significant SOL coins from Binance and OKX exchanges. This purchase occurred on February 11.
In this process, High-net-worth trader wallets GJwCU and 5qDx acquired a substantial portion of SOL tokens. This further fueled recent buying activity.
After a year-long rest period, the GJwCU wallet returned to activity to acquire 30,901 SOL tokens from Binance. These 30,902 SOL tokens cost around $6.24 Million. The wallet history showed a consistent profit in the past. This further increased interest in its current buy.
Another wallet, 5qDx, resumed its transactions after two months. Furthermore, it bought 61,319 SOL tokens through Binance and OKX. That was valued at $12.4 Million. The token purchases occurred at a standard price of $202.53 per piece.
Growing ETF Speculation Drives Optimism
More so, analysis and investor discussions focused heavily on whether Solana ETFs will receive approval for trading in 2025. A recent assessment by Bloomberg analysts gave Solana’s ETF approval prospects at 70%.
This further boosted investor confidence regarding its extended market performance capabilities. If approved, a Solana ETF will create a regulated investment option. This would also enable institutional investors to access SOL through registered products.
An increase in token demand due to an ETF approval would affect Solana’s market evaluation and its price action. The approval process for ETFs with digital assets previously allowed substantial institutional capital inflow. This signified the essential nature of this development.
SOL Price Reacts Amid Market Volatility
Besides, market analysts closely followed the SOL price trajectory because they anticipate further increase potential. A crypto analyst known as ‘VipRoseTr’ predicts SOL will continue its upward movement. This is because it showed resilience at key price areas.
The expert has projected a price target of $296 for the SOL price. It has the possibility of reaching the $300 mark. However, this potential breakthrough depends on favorable market conditions.
Following the substantial Solana whale accumulation, the SOL price experienced a 1% increase in 24hrs, reaching $204. The token showed price movement between $199.59 at its lowest point and $208.83 at its highest point.
This happened within that day as the crypto market remained volatile. At the time of writing, the Solana’s price stood at $201.80. The token has a trading volume of $4.01 Billion and a market cap of $98.49 Billion.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
