The Solana price is bouncing back strongly after a recent market dip, driven by whale accumulations. Despite hitting a monthly low, SOL has shown signs of recovery, with analysts predicting sustained growth if key conditions are met.
Whales Buy the Solana Dip
Recent data from CoinShares highlights increased whale activity for Solana.
- Solana inflows last week reached $1.7 million, signaling strong investor confidence.
- Whales seized the opportunity when SOL’s price dropped 29% from its all-time high (ATH) of $263.83.
- Solana’s price hit a low of $177.21 before rebounding.
This dip wasn’t seen as a crash but rather a retest, giving whales a chance to accumulate before a projected bull market in mid-2025.
Solana’s Retest and 9% Price Surge
November marked a bullish phase for Solana, with the token achieving its ATH and increasing adoption. According to Glassnode, Solana captured 53% of global crypto users during that time. Despite its recent price drop, analysts view this as a natural breakout and retest phase, not a bearish trend.
Key highlights include:
- SOL’s price surged 9% today, reaching $195.73 with a market cap of $93.8 billion.
- Technical indicators show a rebound from key support levels near the 200-day SMA.
- Buying pressure is increasing as whales continue their accumulation.
Technical Analysis: Bullish Momentum Builds
The Solana price charts signal a strong rebound:
- 200-Day SMA: Acting as a critical support level for recovery.
- VWAP Anchor: Indicates potential for SOL to move higher from its September low.
- 4-Hour Oscillator: Curling upward, confirming bullish momentum.
The next resistance lies near the 5-day SMA. If SOL breaks through, it could confirm sustained upward movement.
What’s Next for Solana?
With Bitcoin’s price volatility affecting the market, altcoins like Solana are showing resilience. Analysts predict the altcoin season could dominate by April-May, with potential rallies of 5x-10x once Bitcoin consolidates.
For now, Solana’s recovery, coupled with whale involvement and favorable technical indicators, suggests a strong path forward. However, its ATH remains 29% away, leaving room for further growth as the altcoin season gains momentum.
