$23M Gone Overnight—Is Solana the Next Crypto to Explode?

Whale Activity Triggers Solana (SOL) Surge Amid Market Anticipation of Long-Term Growth

Solana (SOL) has once again captured the attention of investors as a series of significant whale transactions sent bullish signals across the cryptocurrency landscape. More than $23 million worth of SOL has reportedly been withdrawn from major exchanges such as Binance and Kraken within the last 24 hours. This sudden movement has ignited renewed confidence in Solana's potential, sparking fresh speculation about its trajectory in the ongoing bull market.

The altcoin, which was trading around $190.36 at the time of reporting, has experienced a 2.41% increase in the last 24 hours. Its trading volume surged by 93.1%, reaching $6.91 billion, while its market capitalization stands above $102 billion, according to CoinMarketCap.

Market analysts are now closely watching Solana's price behavior and on-chain activity as signals point to an imminent breakout—some even calling for a target of $500 by 2025.

Whale Movements: A Sign of Strong Accumulation

Blockchain tracking platform Lookonchain revealed that several large wallets executed massive withdrawals of SOL in recent hours. Notable transactions include:

• Wallet address 7VbjYZ withdrawing approximately 58,700 SOL (valued at $11 million) from Binance.

• Wallet BnwZvG withdrawing 38,000 SOL ($7.3 million).

• Additional wallets, 2AbHLS and KMhcqN, pulled out $2.8 million and $2.25 million worth of SOL respectively.

When institutional-level wallets remove significant amounts of cryptocurrency from centralized exchanges, it often indicates a shift toward long-term holding rather than active trading. This behavior reduces selling pressure and is typically viewed as a bullish signal by market observers.

Source: X

“Such withdrawal patterns often precede bullish breakouts,” said Dr. Elaine Rodriguez, senior crypto strategist at CryptoMarkets Insight. “Whales do not make moves based on emotion—they operate on long-term conviction.”

Breaking Resistance: Solana Crosses $190 and Eyes $200

Technical analysts are equally optimistic. Solana recently breached a key resistance level at $190, setting its sights on a psychological and technical barrier at $200.

The asset has broken out from a multi-month descending trendline, which is often a precursor to more sustained upward movement. A widely-followed analyst on X (formerly Twitter), RJT.WAGMI, commented:

“After months of consolidation, Solana has convincingly broken above its downtrend. This breakout could result in a 20–30% move beyond its previous all-time high if momentum continues.”

Supporting this claim, data from TradingView on the Binance SOL/USDT pair shows promising signs:

• The Relative Strength Index (RSI) stands at 62.78, below the overbought level of 70, suggesting that further upward movement is possible before correction becomes necessary.

• The Moving Average Convergence Divergence (MACD) remains in bullish territory, staying above the signal line with a widening gap—another sign of strengthening momentum.

• A positive histogram further indicates sustained bullish sentiment.

Chart patterns also reveal a consistent formation of higher highs and higher lows—a classic hallmark of a bullish trend.

The Bigger Picture: Solana’s Ecosystem and Developer Activity

While short-term price movements are driven by whale transactions and technical breakouts, Solana’s longer-term outlook is increasingly being shaped by its robust ecosystem.

In the past year, the Solana network has seen significant developer adoption, with thousands of new smart contracts deployed and several high-utility dApps (decentralized applications) launched. The network's scalability, high throughput, and low transaction fees continue to attract projects across decentralized finance (DeFi), NFTs, and gaming.

“Solana is one of the few layer-1 blockchains showing consistent network activity and developer engagement,” said Jonathan Lee, technology analyst at Web3 Frontier. “Its transaction speed and infrastructure are now supporting not just speculation, but actual usage.”

Adding to its appeal is Solana’s growing appeal among institutional investors, who are drawn by its real-world applications and operational efficiency.

Solana Price Prediction: Could $500 Be Within Reach?

While a Solana price prediction of $500, let alone $500,000, might seem exaggerated to some, analysts argue that a $500 target is feasible under the current bullish cycle.

Here’s a breakdown of possible scenarios:

• Short-Term Outlook: If SOL successfully breaks and sustains above $200, the next target could be around $220. This level is supported by Fibonacci extension levels and volume profile analysis.

• Mid-Term Projection: A rally toward $280–$320 is seen as plausible if institutional accumulation continues and the altcoin rotation trend persists.

• Long-Term Vision: For the 2025 bull cycle, price targets between $350–$500 are increasingly being discussed. The $500 milestone could be driven by a combination of macroeconomic tailwinds, broader crypto market rallies, and Solana’s own technological progress.

However, experts also caution that crypto markets remain volatile, and external factors such as regulatory decisions or macroeconomic shifts could impact these projections.

Market Risks and Considerations

Despite the current enthusiasm, some analysts are urging caution. Solana, like all cryptocurrencies, is susceptible to sudden price swings triggered by external events.

“There’s no doubt that the technicals and on-chain metrics look promising,” said Lisa Grant, senior market researcher at Altcoin Focus. “But investors should also prepare for the inherent volatility of this asset class. Risk management is key.”

The recent rise in Bitcoin and Ethereum also plays a part in Solana’s bullish setup. As institutional capital flows back into crypto via ETFs and spot trading, high-performing altcoins like Solana often ride the momentum.

Conclusion: A Turning Point for Solana?

With $23 million in whale withdrawals, bullish chart signals, and growing network fundamentals, Solana appears to be entering a new phase of investor confidence and market strength. While exaggerated predictions should be taken with skepticism, the trajectory of SOL suggests that a significant rally may be underway.

For long-term holders and technical traders alike, all eyes will be on whether Solana can hold above $190–$200 in the coming days—and if the next leg toward $220, $300, or even $500 can be realized before the close of 2025.

Writer @Ellena

Ellena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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