A significant on-chain transaction has drawn attention to the Solana market, with a single whale address purchasing 234,900 SOL over a three-hour period for approximately $16.555 million in USDC stablecoins, according to data from blockchain analytics firm EmberCN. The average acquisition price was $70.50 per token, and this concentrated buying pressure coincided with a 2% increase in the price of SOL during the same window, highlighting the immediate market impact of large-scale accumulation.
The whale’s decision to use USDC suggests the buyer may be an existing crypto-native entity or fund looking to increase its Solana position without introducing new capital into the ecosystem. The wallet had been relatively inactive prior to this purchase, indicating a deliberate accumulation strategy. While a 2% gain is modest, it represents a clear signal of demand at the $70 level, which has acted as a psychological support zone in recent weeks.
Broader analysis of Solana’s price action reveals a split among market commentators. Analyst CryptoCurb describes a major long-term accumulation zone below $100, targeting profit-taking above $1,000 during a future bull cycle, with the key support around $100 pivotal to the thesis. In contrast, Elliott Wave analyst More Crypto Online warns of a possible deeper correction, identifying a Fibonacci resistance zone between roughly $73 and $89 that could trigger another downward wave targeting the $45–$60 region if rejected.
These contrasting views underscore the critical levels SOL now faces. The whale purchase reinforces near-term demand, but the broader technical picture remains uncertain. Investors are watching whether the $100 support can hold or if a rejection from current resistance fuels the bearish scenario.
