Whales Sell, ETF Hype Builds — Can Solana Hold $200?
Solana (SOL) is at the moment caught between two opposing forces: whale wallets transferring giant quantities of tokens to exchanges, and rising optimism surrounding the soon-to-launch SOL ETF.
The key query arises amid short-term promote stress and bettering macro sentiment: Can SOL maintain the $190–200 assist zone to ignite a brand new bullish wave?
Whale Sell-off or Portfolio Rebalancing?
Recent on-chain knowledge reveals notable actions in Solana holdings. Forward Industries reportedly transferred round $192 million price of SOL to Coinbase, whereas Galaxy Digital moved 250,000 SOL (≈$50 million) to Binance. Such giant deposits are sometimes interpreted as potential promoting indicators from institutional or whale traders.
However, optimism is constructing across the upcoming SOL ETF, which might counter promoting stress. 21Shares has filed a Form 8-A(12B) with the US SEC, the ultimate step earlier than the ETF can formally go stay. If permitted, this might channel new institutional inflows into Solana, serving to soak up a number of the market’s provide from whales.
Support Test, Price Gaps, and The Next Move for SOL
From a technical standpoint, SOL has damaged out of an 18-month reaccumulation vary, roughly $100–200 since mid-2023. It efficiently retested $190 and now trades above $200. This lays the groundwork for a possible transfer towards greater resistance ranges. Analyst Ali sees $260 as the following key goal.
Applying Elliott Wave principle, one other analyst interprets the current pullback as a corrective wave 2, suggesting that wave three might quickly comply with with robust upside potential. The $190–200 vary is a perfect entry zone for long-term accumulation. If SOL breaks above $287, it might verify a breakout to $550 and above, extending Solana’s uptrend.
As noted by BeInCrypto, if SOL consolidates above $190 and builds energy throughout the $172–197 space, it might mark a promising accumulation part. Still, merchants should monitor the $215–224 zone, which is now appearing as crucial short-term resistance.
Another analyst’s contrasting view highlights one thing about ETH and SOL. While ETH has already crammed its truthful worth gaps, signaling potential sideways motion, SOL nonetheless has an unfilled hole round $204–210. This positions SOL as a stronger short-term candidate.
“SOL, however, hasn’t crammed the hole but, making it probably a greater guess than ETH for short-term trades,” the analyst commented.
In abstract, the bullish state of affairs for SOL hinges on its potential to carry $190–200, fill the $204–210 hole, and break above $260, particularly if ETF-driven institutional demand materializes. Conversely, if whales proceed offloading positions, SOL might revisit the $100–150 accumulation vary earlier than mounting its subsequent vital rally.
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