Solana (SOL) price has risen 8% in the last 24 hours backed by strong whale accumulation and a 52% increase in daily trading volume to $7 billion.
Amid the broader altcoin market recovery, Solana price has surged 8% in the last 24 hours shooting to $217 levels amid strong whale accumulation for SOL SOL $141.3 24h volatility: 2.3% Market cap: $73.10 B Vol. 24h: $4.51 B . The good this is that today’s SOL price surge comes with a 52% jump in the daily trading volume reaching $7 billion. Furthermore, the Layer-1 altcoin has extended its weekly gains to more than 12%.
As per the CoinGlass data, the Solana open interest has also surged by 9% to $6.77 billion. On the other hand, the 24-hour liquidations have shot up to $15.7 million of which $9.21 million is in short liquidation.
The trader optimism for Solana has been building up on the backdrop of a broader market surge following the CP data release earlier this week. Bitcoin price BTC $89 098 24h volatility: 2.5% Market cap: $1.77 T Vol. 24h: $36.93 B has surged past its crucial resistance of $102K setting the hopes of a major market rally ahead.
Solana Price Target and Whale Activity
After hitting the high of $263 in November 2024, the Solana price has been largely consolidating. Moreover, after bouncing from its strong support of $180 recently, SOL is eyeing a fresh rally to a new all-time high above $300.
As per popular crypto analyst Crypto Jelle, Solana price has broken out from its downtrend and reclaimed key monthly and weekly support levels. The analyst noted that the SOL price action is looking strong and clean, suggesting a readiness for an upward movement. As a result, the analyst sets the first Solana price target at $330, expecting it to achieve this shortly.
-
Source: Jelle | X
A big Solana whale has made significant moves, signaling growing interest in the cryptocurrency. The whale spent 2.49 million USDC USDC $1.00 24h volatility: 0.0% Market cap: $60.93 B Vol. 24h: $11.21 B to acquire 11,824 SOL, while also withdrawing 18,527 SOL, worth $3.94 million from Binance.
The funds were then deposited into Kamino, where the whale borrowed stablecoins. In total, the whale has deposited 144,817 $SOL ($30.44 million) into Kamino and borrowed $20 million in stablecoins, highlighting a strong bullish position in the asset, per the data from Solscan.
Solana ETF Demand Spikes
As the Donald Trump administration is set to resume office on January 20, analysts are expecting major regulatory changes that could pave the way for Solana ETF approval. JPMorgan analysts predict that a spot Solana ETF could attract between $3 billion and $6 billion in capital inflows.
This influx could significantly boost SOL price, potentially pushing it toward or beyond the $500-$750 range, depending on market conditions and the scale of institutional investment
next