Solana Whales and Institutions Accumulate $23M in SOL Ahead of Potential Breakout
Solana (SOL) was trading near $120, showing a slight dip over the past 24 hours. Despite this, whales and institutions appear to be accumulating the token, suggesting confidence in a potential breakout.
A notable whale with a 78% win rate on Solana returned to buying on Hyperliquid (HYPE). Over the past week, this trader achieved a 100% win rate by closing two out of four trades, amassing $4.74 million in profits. The whale opened a 5x long position in 164,642 SOL, worth $19.78 million, with a liquidation price of $99.6803. However, this position currently sits in a floating loss of over $221K, or 5.87%, as the entry price was at $121.4879.
Institutions are also increasing their holdings. DeFi Dev Corp. (Nasdaq: DFDV) expanded its SOL holdings to 2.564 million tokens, buying 26,203 SOL worth roughly $3.15 million since September 28. Over the past seven weeks, its holdings grew by 11%.
On the charts, Solana is consolidating around $120 in a triangle pattern, hinting at an upcoming breakout or breakdown. A breakout would suggest a continuation of the uptrend, with a target of $150 for bulls, while a breakdown could see a correction to $95. Despite short-term selling pressure, Solana remains in a bullish market structure both in the short and long term since its bottom in early June around $60.