Solana Whales and Institutions Accumulate $23M in SOL Ahead of Potential Breakout

Solana's price is hovering near $120 after a slight dip in the past 24 hours. Despite some traders selling, whales and institutions are accumulating the cryptocurrency, suggesting confidence in a potential continuation of the upward trend.

A notable Solana whale, known for a 78% win rate, recently opened a $19.78 million long position on Hyperliquid. The position is currently in a floating loss of over $221,000, highlighting the risks involved in such moves. Meanwhile, DeFi Dev Corp., a Nasdaq-listed institution, has increased its SOL holdings to 2.564 million tokens, adding 26,203 SOL worth $3.15 million since late September.

On the charts, Solana is forming a triangle pattern, a sign that a breakout or breakdown could be imminent. A breakout would target $150, while a breakdown could push the price down to $95. The Smart Money Index (SMI) indicates sellers are in control at the moment, with 22.39K SOL sold on Binance's SOL/USDT market.

Despite short-term volatility, Solana remains in a bullish market structure, both short-term and long-term, having doubled in price since its early June low of around $60.