SOLANA SURGES 8% AS WHALES AIM FOR $330: ETF DEMAND SPIKES

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In my research as a crypto analyst, I’ve observed an impressive 8% rise in Solana’s price over the past 24 hours, pushing it up to approximately $219.8. This surge coincides with a significant increase in daily trading volume, which has soared by nearly 52%, reaching a staggering $7 billion. Moreover, Solana’s weekly growth now exceeds 12%. These trends suggest strong whale accumulation of SOL and a robust market sentiment towards this Layer-1 altcoin.

According to information from CoinGlass, the open interest for Solana has increased by 9% to reach a total of $6.77 billion. At the same time, over the past 24 hours, liquidations have significantly risen to approximately $15.7 million, with around $9.21 million being short liquidation events.

The positive outlook for Solana is growing, fueled by a broader market uptrend that began after this week’s CP data release. Meanwhile, the price of Bitcoin, currently standing at approximately $102,765 with a 24-hour volatility of 3.4%, has surpassed its critical threshold of $102K, stirring expectations for a significant market upswing in the near future. The market capitalization of Bitcoin is currently valued at around $2.04 trillion, with a 24-hour trading volume of $58.84 billion.

Solana Price Target and Whale Activity

Following a peak at around $263 in November 2024, the price of Solana has primarily been holding steady. Notably, after rebounding from its robust support level of approximately $180, SOL appears poised for another surge, potentially reaching new record highs above $300.

According to well-known crypto expert Crypto Jelle’s analysis, the price of Solana has surged past its prolonged downward trend and successfully recovered crucial monthly and weekly support points. He observes that the SOL price movement appears robust and clear, signaling a potential shift towards an uptrend. Consequently, his initial prediction for Solana’s price is $330, expecting this level to be reached soon.

Source: Jelle | X

A major Solana investor has shown increased enthusiasm for the cryptocurrency by purchasing 11,824 SOL, worth approximately $3.94 million, using 2.49 million USDC. Simultaneously, this investor, often referred to as a ‘whale’, withdrew 18,527 SOL, valued at around the same amount from Binance. This suggests that they remain confident in Solana’s potential and are adjusting their investment strategy accordingly.

As a researcher, I found that I had deposited approximately 144,817 $SOL, equivalent to around $30.44 million, into Kamino. Simultaneously, I opted to borrow a substantial sum of stablecoins, amounting to roughly $20 million. This action underscores my confident stance on the asset, reflecting a robust bullish position, according to the data obtained from Solscan.

Solana ETF Demand Spikes

With Donald Trump’s administration resuming duty on January 20, analysts forecast significant regulatory alterations which might lead to the approval of Solana ETFs. JPMorgan analysts estimate that a Solana ETF may draw investment ranging from $3 billion to $6 billion.

An increase like this might substantially elevate the value of SOL, possibly propelling it close to or even surpassing the $500-$750 price bracket, contingent upon market fluctuations and the extent of institutional funding.

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2025-01-17 16:06