According to DailyHodl, an blockchain tracking firm Lookonchain has reported that three deep-pocketed investors, often referred to as “whales,” have collectively accumulated nearly $35 million worth of Solana (SOL) from centralized exchanges Binance and Kraken.

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Key Details

• Whale Activity: The three whales withdrew a total of 202,400 SOL worth approximately $35 million over the past week. The largest withdrawal was made by a wallet identified as AA21BS, which withdrew 153,511 SOL ($26.4 million) from Binance. Another wallet, EHax, withdrew 35,498 SOL ($6.12 million) from both Binance and Kraken, while the third whale, EGzi, withdrew 13,000.8 SOL ($2.3 million) from Binance.
• Staking: Notably, these whales have staked their acquired SOL tokens, indicating a long-term bullish outlook on Solana.
• Market Impact: The significant accumulation of SOL by these whales has led to speculation that Solana could reach the $195 level in the coming days. Technical analysis suggests that SOL is approaching a crucial resistance level, with the potential to reach its all-time high of $260.

Analysts’ View

Analysts are optimistic about Solana’s future, citing the recent whale activity as a strong indicator of positive market sentiment. The on-chain metrics show a bullish sentiment among traders, with the Long/Short ratio standing at 1.03. However, there is also a potential for liquidation of short positions if the price drops to certain levels.