Altcoin
Can Price Hit $150 Ahead?
A Solana whale rattled the crypto sector on Tuesday, heavily accumulating SOL amid a broader market dip. On-chain whale data signaled that a whopping 195,000 coins were sacked from crypto exchange giants as SOL price slammed around $120. As an upshot, bullish market sentiments orbiting the sixth-largest coin by market cap surfaced among traders and investors, with a potential $150 target next.
Solana Whale’s Trade Move Stirs Market Optimism
According to Lookonchain data on March 11, a Solana whale withdrew 195,000 coins from crypto exchange behemoths recently. Per the whale data, $23.2 million worth of coins were bought from top CEXs Bybit, OKX, and Gateio in the past 24 hours.
This massive accumulation by a large-scale trader amid an ongoing market slump reflected strong confidence in the asset’s potential ahead. As a result, broader market sentiments reflect optimism about the asset’s long-term price prospects.
Solana Whale’s ‘Buy-The-Dip’ Plan
Notably, the broader crypto market currently faces immense pressure due to macro fears. Soon after Donald Trump’s new tariff saga, the chances of a recession in the U.S. rose to 40%. In turn, risk assets encountered a panic-stricken investor sentiment globally.
Bitcoin price lost $80K, even touching a $76K multi-month low this Tuesday. Altcoins, including SOL, mirrored the broader slumping trajectory. However, the Solana whale’s decision to capitalize on the dip indicated a ‘buy-the-dip’ strategy, setting off optimistic waves among investors as it signals a recovery lies ahead.
Rising Staking Fuels More Optimism
Simultaneously, an X post by Onchain Lens on March 11 revealed that ‘Cumberland DRW’ staked 48,182 SOL, worth $5.72 million, recently. Coupled with the massive SOL whale accumulation, this data garners additional optimism, underscoring reduced token supply on exchanges.
Overall, the whale data and staking saga reflected rising market interest in the asset’s potential, paving a bullish road for price.
Can SOL Price Recover To Hit $150?
As of press time, SOL price cracked slightly over 3% and exchanged hands at $123. The coin bottomed and peaked at $113.19 and $131.24 in the past 24 hours. Crypto market watchers anticipate a rising action ahead amid increased buying for the asset.
Simultaneously, renowned market trader ‘Coinvo’ took to X, stating Solana is going to explode ahead. The trader cites a historical pattern, signaling that a bull run awaits as the coin mirrors its 2021 trend.
On the other hand, Bitcoin OG ‘Lucky’ took to X, revealing that a tiny market movement could fuel SOL to above $150. The coin currently sees a strong demand zone between the $110-$127 range, per the analyst. Altogether, when coupled with the massive Solana whale accumulations, the odds of these bullish projections gained significant weight.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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