TLDR
- Solana experienced a 28% drop from January peak of $294.33, but showed recovery signs with a $16M spot market inflow
- Smart whale addresses accumulated $18.5M worth of SOL tokens, with two major purchases from Binance and OKX
- SEC acknowledged Grayscale’s proposal to convert Solana Trust into an ETF, with decision expected by October
- Technical indicators show RSI at 53.47 and key resistance levels at $212.58 (50-day EMA) and $216.11 (200-day EMA)
- Bloomberg analysts forecast 70% chance of SOL ETF approval in 2025
In a market characterized by both volatility and opportunity, Solana (SOL) is showing signs of renewed strength despite recent price corrections. The cryptocurrency, which experienced a substantial decline from its January heights, is now garnering attention due to increased institutional interest and whale activity.
The digital asset recently recorded its first major spot inflow for February, marking a potential shift in market sentiment. On Monday, Solana saw $16 million enter the spot market, representing the most substantial buying activity in a ten-day period, according to data from CoinGlass.
Adding to the bullish indicators, two prominent whale addresses have made notable moves in the market. One address, identified as “GJwCU,” reactivated after nearly a year of dormancy to purchase 30,901 SOL tokens, valued at $6.24 million, from Binance. This trader’s previous SOL trading activity resulted in an $8.15 million profit.
A smart whale resurfaced after 2 months and withdrew 61,319 $SOL ($12.4M) from #Binance and #OKX at ~$202.53 today!
Previously, this whale had completed 2 $SOL trades between Dec 27, 2023, and Nov 30, 2024, earning an estimated total profit of $8.47M (+38.9%) with a 100% win… pic.twitter.com/2XNJok4bvA
— Spot On Chain (@spotonchain) February 10, 2025
A second whale address, “5qDx,” emerged from two months of inactivity to acquire 61,319 tokens, worth $12.4 million, from both Binance and OKX exchanges. The average purchase price for these transactions was $202.53.
The regulatory landscape for Solana is also evolving. The Securities and Exchange Commission (SEC) has officially acknowledged Grayscale’s proposal to convert its Solana Trust into an ETF. This development opens the door to a potential decision by October, adding another layer of institutional interest to the asset.
Technical indicators present a mixed but promising picture for SOL. The Relative Strength Index (RSI) currently sits at 53.47, showing a slight bullish lean with a moving average of 50.97. Market analysts suggest that an RSI move above 55 could signal stronger momentum.
The cryptocurrency’s price action has formed a symmetrical triangle pattern, with support holding around $200.56. The 50-day Exponential Moving Average (EMA) stands at $212.58, while the 200-day EMA is positioned at $216.11, both serving as key resistance levels.
SOL’s current trading volume of 190.93K indicates moderate market activity. Traders are watching these volume levels closely, as increased activity could trigger decisive price movements in either direction.
Balance of Power (BoP) readings show 0.65, suggesting buyers are gaining ground in the market. This technical indicator adds weight to the possibility of continued upward momentum.
The recent price movement has caught the attention of various market analysts. VipRoseTr, a crypto market analyst, noted SOL’s strong support levels and bouncing patterns from key price points, suggesting potential for upward movement toward $296.38.
Bloomberg analysts have weighed in on the ETF situation, projecting a 70% probability of approval in 2025. This institutional development could potentially attract more traditional investors to the asset.
From its January 19 peak of $294.33, Solana experienced a decline of nearly 28%. However, the recent whale accumulation and institutional developments have sparked renewed interest in the asset.
Current price action shows SOL trading at $204, after experiencing intraday fluctuations between $199.59 and $208.83. The market continues to watch these levels closely for signs of trend continuation or reversal.
Recent data indicates that some traders are attempting to maintain SOL’s position above the critical $200 mark, viewing this as an important psychological and technical level for the asset.
The spot inflows recorded in February suggest that investors are finding current price levels attractive for accumulation, potentially setting the stage for future price
