A newly created wallet withdrew 96,181.73 SOL, worth approximately $12.44 million, from Binance and sent it for staking. This substantial movement indicates strong confidence in Solana’s long-term potential, as staking typically signals a commitment to holding rather than immediate selling.
Blockchain transaction data reveals a series of high-value SOL movements, reinforcing bullish sentiment. The latest transfers include over 46,176 SOL ($5.88M) and 49,999.99 SOL ($6.37M) moving from Binance to an external wallet. Notably, another transfer of 96,180 SOL ($12.44M) aligns with the whale accumulation trend. The data suggests institutional players or high-net-worth investors are positioning for potential long-term gains.
Additionally, JitoSOL transactions indicate similar movements, with 81,252 JitoSOL ($12.37M) minted and transferred. These movements emphasize the rising interest in staking derivatives, further reducing liquid supply in the market.
SOL Price Tests Key Support on Pitchfork Model
Solana’s price action aligns with these accumulation patterns, as seen in technical analysis charts. The price has returned to the middle of the Pitchfork channel, a historically significant zone that has served as both support and resistance. SOL is currently trading at $137.28, bouncing from a key ascending trendline.
The chart suggests SOL remains in a long-term uptrend despite recent corrections. A confirmed bounce from this level could lead to another rally, reinforcing the idea that new millionaires may emerge as SOL’s bull run resumes. If the trendline holds, price projections indicate a potential recovery toward the upper resistance levels of the Pitchfork, possibly surpassing $200 in the next leg up.
Large withdrawals and staking trends suggest investors expect higher future valuations for Solana. With supply decreasing due to staking and technical indicators supporting a bullish continuation, SOL remains a top contender for significant price appreciation in 2024. Market participants are now watching whether the Pitchfork support holds, as a sustained uptrend could push SOL toward new highs.
