Solana Smart Whales Bag $18.5M Tokens; SOL Price To Hit $296?

Solana Smart Whales took the broader crypto market by storm on Tuesday by embarking on a massive buying spree. The latest on-chain data indicated that roughly $18.5 million tokens were accumulated amid the crypto’s turbulent intraday movement. As a result, traders and investors reflect a bullish sentiment orbiting SOL price’s future, with a top market expert further highlighting the coin’s potential to hit $296 ahead.

Solana Smart Whales On Accumulation Spree Spark Market Optimism

According to data offered by Spotonchain on X as of February 11, Solana smart whales have bought massive amounts of the token. According to the data, two ‘smart money addresses’ collectively accumulated roughly $18.5 million worth of tokens from crypto exchange behemoths over the past day.

The address “GJwCU” was revived after nearly a year of dormancy to accumulate 30,901 tokens worth $6.24 million from Binance. This accumulation has promptly gained significant traction as the trader boasts a profit of $8.15 million with his previous SOL trade.

Also, the address “5qDx”, after 2 months of dormancy, bagged 61,319 tokens, worth $12.4 million, from Binance and OKX at an average price of $202.53. Overall, these accumulations by traders with remarkable profit-booking portfolios (aka smart whales) signaled that the coin could pump significantly ahead.

Recent ETF Developments Weigh Additional Optimism

Simultaneously, the rising SOL ETF approval odds have fueled additional optimism about the asset’s future performance. CoinGape recently reported that Bloomberg analysts forecasted a 70% chance of an ETF approval in 2025.

This development, if happens, could boost the appeal of the token to institutions, which in turn is likely to push the prices higher. Notably, the massive accumulation by Solana smart whales amid this broader development has solidified investors’ optimism about future SOL price action.

SOL Price Rally To $296 Ahead?

At the time of reporting, SOL price witnessed a 1% uptick in value, reaching $204 after showcasing a roller coaster ride intraday. The coin’s 24-hour bottom and peak were $199.59 and $208.83, respectively.

Market participants continue to eye the coin extensively, awaiting bullish shifts amid rising Solana whale accumulations and recent ETF-related developments. However, the broader crypto market volatility currently presents the asset with severe price volatility.

Nevertheless, crypto market analyst ‘VipRoseTr’ recently posted on X, projecting optimism over future price movements. The analyst states that SOL is “maintaining strong support and bouncing from key levels, signaling the potential for further upside action.” This bullish movement paves the way for a $296.38 price target ahead. A sustained pump above this level could see the coin breakout and push above $300, per the analyst.