Solana’s largest holders are accumulating at record levels, with whale wallets surpassing 5,200 even as SOL price dropped to $197.
Wallets holding more than 10,000 SOL SOL $89.87 24h volatility: 6.1% Market cap: $51.03 B Vol. 24h: $3.77 B , worth around $2 million at current prices, have surged to a record-breaking 5,224, as pointed out by prominent crypto analyst Ali Martinez.
Martinez shared Glassnode data, showing a sharp rise in whale accumulation over the past week. Historically, such aggressive accumulation from whales has often preceded significant price rallies.
Wallets holding 10,000+ Solana $SOL, around $2 million, just hit an all-time high of 5,224! pic.twitter.com/FDX8woJuLW
— Ali (@ali_charts) August 15, 2025
For example, on Aug. 12, despite SOL’s price hovering near $191.64, the number of these high-balance wallets jumped dramatically, reflecting strong conviction from high-net-worth investors.
Price Action: Dip or Opportunity?
At the time of writing, Solana is trading at $197.27, down over 4% in the past 24 hours. While the short-term dip might cause concern, the bigger picture looks more optimistic. SOL has still gained 12% in the past week.
The current price is 32.92% below its all-time high of $294.33, which could make it appealing to buyers anticipating a continuation of the broader uptrend. Martinez suggested that this could be the market’s final “buy-the-dip” opportunity before Solana makes a run toward $360.
Solana $SOL may offer a final buy-the-dip chance before targeting $360! pic.twitter.com/11GZlOpbDr
— Ali (@ali_charts) August 14, 2025
SOL Price Analysis: Ascending Support in Play
The daily chart reveals that SOL has been respecting a long-term ascending trendline since early 2025. Indicators reflect bullish potential with the RSI at 61.47, leaving room for further upside, while the MACD remains in positive territory.
If SOL maintains its current trajectory, a break above $209 could open the door to the $272.23 Fibonacci extension and eventually the $320–$360 range.
SOL Daily Chart with RSI and MACD | Source: TradingView
Bullish and Bearish Scenarios Ahead
If bullish momentum holds, the primary upside targets remain $272.23, $320, and the more ambitious $384.99. However, traders should keep an eye on key downside levels in case of a reversal.
A drop below $185.74 could lead to a retest of $167.47, and further weakness might push SOL toward $154.64 or even $141.80. Nevertheless, with sound fundamentals, SOL remains one of the best crypto to buy in 2025.
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