The largest holders $SOL are accumulating record amounts of funds: the number of whale wallets has exceeded 5,200, even though the price of SOL has dropped to $197.
Key Notes
The number of wallets containing more than 10,000 SOL has reached an all-time high of 5,224.
SOL shares are trading at $197.27, down 4% over 24 hours, but still up 12% over the past week.
Some are calling it a possible last chance to 'buy the dip' before a major rally.
Wallets holding more than 10,000 SOL, valued at around $2 million at current prices, have surged to a record 5,224.
Glassnode data shows a sharp increase in whale accumulation over the past week. Historically, such aggressive whale accumulation has often preceded significant price increases.
For example, on August 12, despite SOL's price holding around $191.64, the number of such high-balance wallets surged, reflecting strong conviction from high-income investors.
Price Movement: Drop or Opportunity?
SOL is trading at $194, down more than 5% over the last 24 hours. While the short-term drop may raise concerns, the overall picture looks more optimistic. SOL has still increased by 12% over the past week.
The current price is 33.92% below the all-time high of $294.33, which may make it attractive to buyers anticipating a continuation of the overall upward trend. Martinez suggested this could be the last chance for the market to 'buy the dip' before Solana shares rise to $360.
SOL Price Analysis: Upward Support in Play
The daily chart shows that SOL is adhering to a long-term upward trend line since the beginning of 2025. Indicators reflect bullish potential: the RSI is at 61.47, leaving room for further growth, while the MACD remains in positive territory.
If SOL maintains its current trajectory, a breakout above $209 could open the door to a Fibonacci extension of $272.23 and eventually a range of $320-$360.
Bullish and Bearish Scenarios Ahead
If bullish momentum continues, the main targets for growth will remain $272.23, $320, and the more ambitious $384.99. However, traders should monitor key support levels in case of a reversal.
A drop below $185.74 may lead to a retest of the $167.47 mark, and further declines could push $SOL to $154.64 or even $141.80. Nevertheless, with strong fundamentals, SOL remains one of the best cryptocurrencies to buy in 2025.