Solana Whale Activity Surges—Will SOL Rally to $296?

• On Tuesday, Solana smart whales made a major move by accumulating $18.5 million worth of tokens during Solana’s volatile price movements.
• The rise in Solana ETF filings has boosted optimism about the asset’s future, with analysts forecasting an 85% chance of ETF approval in 2025 under the new SEC administration.

On February 11, Spotonchain reported a significant uptick in Solana whale activity on X, indicating growing interest from large investors. Data reveals that two ‘smart money addresses’ accumulated a combined total of $18.5 million worth of Solana (SOL) tokens over the past 24 hours, purchasing them from major crypto exchanges like Binance and OKX.

More dormant smart whale returned to accumulate $SOL!

7 hours ago, whale “GJwCU” came back after a year of dormancy to withdraw 30,901 $SOL ($6.24M) from #Binance.

Between Dec 2023 and Feb 2024, this whale completed one $SOL trade and allegedly made a profit of $8.15M (+21.9%)!… https://t.co/6ZNmj24iq4 pic.twitter.com/93IOm8VNak

— Spot On Chain (@spotonchain) February 11, 2025

The first address, “GJwCU,” emerged from nearly a year of dormancy to acquire 30,901 SOL tokens, worth around $6.24 million, from Binance. This address had previously earned a significant $8.15 million profit from a prior SOL trade between December 2023 and February 2024, yielding a return of 21.9%.

Another address, “5qDx”, also saw movement after a two-month dormancy period, acquiring 61,319 SOL tokens worth $12.4 million at an average price of $202.53. This rapid accumulation reflects a significant vote of confidence in Solana despite the volatility the token has faced.

The recent whale activity coincides with Solana’s increased revenue generation. On February 9, Solana generated nearly $8.4 million in revenue, a stark contrast to Ethereum’s $875,571. This revenue surge highlights Solana’s growing dominance, especially as Ethereum still struggles to match the volume seen on Solana-based applications.

Solana’s stablecoin supply has seen remarkable growth, now reaching $12 billion, alongside the creation of 5 million new addresses daily, as previously reported. This surge has significantly boosted liquidity, allowing Solana to maintain a price above $200, even amidst the inherent volatility of the broader market.

Bullish Sentiment and Price Predictions

Despite market fluctuations, the sentiment surrounding Solana’s price movements remains optimistic. Crypto analyst VipRoseTr shared a bullish forecast on X, noting that SOL is maintaining strong support and showing signs of bouncing off key levels. He highlighted the following key price targets for Solana: $296.38, $339.55, and $384.56, suggesting further upside potential for the token in the near future.

Adding to the positive outlook for SOL, the SEC’s review of a potential Solana ETF has further fueled excitement. Bitwise, Canary, 21Shares, VanEck, and Grayscale have all submitted applications for Solana spot ETFs to the SEC. According to Polymarket data, there’s an 85% chance the Solana ETF will be approved this year, strengthening confidence in the asset’s future potential.

SOL is trading at $204, reflecting a 1% drop in the last 24 hours. This price is still 30% lower than its all-time high of $294, with its trading volume also dipping by 0.35% in the last 24 hours.