Whales Inject $421M into Solana, Sparking $1,000 SOL Price Target
CoinShares’ latest report reveals Solana (SOL) led crypto inflows last week, with whales channeling $421.1 million into SOL investment products, even as Bitcoin saw $946 million in outflows. This influx marks growing institutional confidence in Solana’s scalable blockchain, driven by its expanding DeFi and NFT ecosystem. Payment provider Western Union plans to launch the USDPT stablecoin on Solana, aiming to enhance cross-border transfers. On the charts, analysts highlight $200 as a key resistance for SOL, with a breakout potentially targeting $260. Moreover, the debut of Bitwise and Grayscale Solana ETFs added $200 million in inflows, fueling a bullish narrative and elevating SOL’s long-term target to $1,000. Traders should watch for a decisive move above $200 to confirm momentum. Despite broader market outflows totaling $360 million, Solana’s performance underscores a shift toward altcoins offering real-world utility.
Bullish
Solana’s $421M whale inflow and ETF-driven investments signal strong institutional backing, similar to Bitcoin ETF approvals boosting BTC in 2021. Large inflows often precede upward price pressure as whales accumulate. The entry of Western Union’s USDPT stablecoin on Solana enhances network utility, potentially attracting more activity. Technically, overcoming the $200 resistance would likely trigger further buying, pushing SOL toward $260 in the short term. Long term, sustained demand from ETFs and real-world use cases supports the $1,000 target. While broader market outflows create volatility, Solana’s distinct inflow trend positions it for continued gains, making this development a bullish indicator for both short- and long-term traders.