Smart Whale Resurfaces, Accumulating SOL as Price Eyes $296

• A dormant whale re-enters the market, accumulating 30,901 SOL, signaling renewed institutional interest in Solana.
• SOL maintains bullish momentum above $200, with strong demand between $160-$180 preventing downside moves.
• A breakout above the resistance could push SOL toward $296, but failure to hold $200 may lead to a retest of the demand zone.

A previously inactive smart whale, identified as “GJwCU,” re-entered the market after a year. Seven hours ago, it withdrew 30,901 SOL ($6.24 million) from Binance. Between December 2023 and February 2024, this whale executed a single SOL trade, reportedly earning $8.15 million (+21.9%). This accumulation signals increasing institutional interest in Solana (SOL) as the market structure remains bullish.

SOL Price Action Indicates Bullish Momentum

The SOLUSDT perpetual contract on Binance currently trades at $204.37. The 200-day moving average (MA) acts as dynamic support, reinforcing bullish sentiment. A significant demand zone between $160 and $180 has shown strong buying pressure, preventing further downside.

In mid-January, SOL consolidated before breaking out in early February. The price entered a grey resistance zone, facing minor rejection before stabilizing. A Fibonacci retracement tool marks the 50% level, aligning with price action near the demand zone.

Potential Upside Towards $296

An upward projection suggests a potential rally to $296.12. The market structure remains bullish, showing higher highs and higher lows. If SOL sustains levels above the current resistance zone, further upside is likely.

A previous high of around $290 aligns with the projected target, increasing the probability of a retest. However, if SOL fails to maintain support above $200, a decline toward the demand zone remains possible.

Candlestick Patterns and Market Sentiment

Candlestick patterns indicate strong buying momentum around $180, suggesting accumulation by institutional players. The sharp rejection from the lower blue demand zone further supports institutional interest. If this momentum continues, SOL could reach the projected resistance zone without retracement.

While trading volume remains unseen, price action suggests rising buyer participation. The recent breakout structure supports bullish continuation, with stability above $200 likely attracting more buyers.