Solana Whales Begin Accumulation Spree Amid Predictions of SOL at $600

TL:DR;

• SOL’s price skyrocketed after Trump’s victory in the US elections to a new all-time high of $263 on November 23 but lost its momentum and is down by more than 11% since then.
• However, whales seem unfazed as they keep buying portions of the asset while analyst envision a massive rally that could push it to as high as $600.

SOL Whales Push the Buy Button

As mentioned above, Solana’s native token was among the biggest beneficiaries of Trump’s victory as it found a place among the top four altcoins at one point when it was in front of XRP and surpassed BNB. However, the roles have reversed, with XRP surging to the third spot, while Binance Coin took back the fifth earlier today after a historic rally to a fresh peak.

Solana, alongside other assets like BTC and DOGE, has remained on the sidelines for the past few weeks. SOL has been consolidating and trading about 10-12% away from its November 23 peak.

It seems large Solana investors have used this correction as an opportunity to increase their stash. Data from Lookonchain showcased several whale wallets that have withdrawn sizeable portions of the asset out of Binance and to cold storage – moves traditionally regarded as bullish for the underlying cryptocurrency as they reduce the immediate sell pressure.

Whales are accumulating $SOL!

In the past 24 hours, 4 whales withdrew 185,510 $SOL ($42.46M) from #Binance.

BnwZ…w6tR withdrew 100,010 $SOL($22.46M) from #Binance 16 hours ago.

CZwk…qjwN withdrew 46,103 $SOL($10.81M) from #Binance in the past 18 hours.

FxfH…T7wp… pic.twitter.com/AFBWA9NQch

— Lookonchain (@lookonchain) December 4, 2024

SOL Heading Toward $600?

Popular analyst IncomeSharks noted on December 2 that SOL’s price movements resemble the head and shoulders (H&S) pattern. They cautioned investors that there might be another retracement for SOL but indicated that the “good news is we are approaching Supertrend support,” which has held since October. SOL indeed bounced off from that level and now sits above $230.

$SOL – Pretty obvious H & S playing out. Just because you want price to go higher doesn’t mean sometimes it goes down first. Good news is we are approaching Supertrend support (green line). Has held this since October so good chance for a bounce soon. pic.twitter.com/iatYrkPHgM

— IncomeSharks (@IncomeSharks) December 2, 2024

Jelle was quite bullish on Solana, suggesting that its price could go as high as $600 during this cycle in case it manages to remain above the previous all-time high of around $225.

$SOL broke its previous ATH, and now forms a falling wedge right on top of the 25-day EMA.

Also retesting RSI midlevel.

Looks ready to resume price discovery soon.

My targets: $400-600. Send it. pic.twitter.com/lqX8Wcx8Ui

— Jelle (@CryptoJelleNL) December 3, 2024