Solana (SOL) has surged 15% over the past seven days, holding near the $200 mark. Its market cap has risen to $107 billion, overtaking BNB. This strong performance is backed by bullish signals, including increased whale activity earlier this month and the formation of multiple golden crosses on SOL’s EMA charts.
Although some profit-taking among whales has occurred, their activity remains elevated compared to historical levels. With this momentum, SOL is well-positioned to test key resistance levels and potentially break above $240.
Solana Whales Decline From ATH but Remain at Elevated Levels
The number of addresses holding at least 10,000 SOL significantly increased between January 4 and January 5, rising from 5,032 to 5,090. This upward trend continued with some fluctuations, reaching an all-time high of 5,104 on January 11.
Tracking these large holders, often referred to as whales, is crucial because their activity can strongly influence the market. Increased accumulation by whales often reflects confidence in the asset’s future, potentially driving prices higher as their positions grow.
After peaking on January 11, the number of whale addresses declined, dropping from 5,096 on January 14 to 5,063 by January 16. While this decrease might suggest some profit-taking, it’s important to note that the current number of whales remains significantly higher than historical levels.
This sustained interest among major holders suggests that confidence in Solana uptrend potential is still strong, even with recent fluctuations. Such stability at elevated levels could provide a solid foundation for SOL price growth.
