Binance's 37% SOL Accumulation Fuels Solana's 1.5% Gain, Eyes $300

Solana's price is poised for a potential bullish surge as on-chain data indicates that Binance, a leading cryptocurrency exchange, has been steadily accumulating SOL over the past month. This accumulation trend suggests that Binance could be a significant driver for the next Solana price rally, potentially pushing it past $300 to a new all-time high.

Analyst MartyParty has suggested that Binance's buying activity could fuel the next Solana price rally. By comparing Solana’s 50% pullback in March with Binance’s accumulation trend, MartyParty noted that the exchange has been heavily buying during the dip. This analysis is supported by data from Arkham, which shows that Binance’s Solana holdings have increased by 37% within one month, from 16 million SOL to 22 million SOL. This level of holdings is the highest since November 2024.

On-chain analytics platform Glassnode also revealed that the recent decline in Solana's price drove significant accumulation. After the price fell to $123 last week, traders bought 16.2 million SOL. Additionally, 19 million SOL were purchased at $126. This accumulation could provide support for the SOL price between $123 and $126, potentially preventing a prolonged downtrend. If this level holds, it could support a bullish Solana price forecast past $300.

Currently, Solana is trading at $131 with a slight 1.5% gain in 24 hours. Analyst Nebraskangooner noted that the altcoin has formed an ascending triangle pattern on its daily chart. If the ongoing accumulation trend by Binance and long-term holders continues, SOL could break out from the upper trendline, which is also the 20-day EMA. Overcoming the strong resistance at $137 could lead to an uptrend toward the 50-day EMA at $158. A strong move to $300 will be confirmed if Solana's price flips the 200-day EMA.

The MACD indicator also shows signs of more Solana price gains. The histogram bars are green, indicating an increase in buying activity. However, the bullish momentum is weak because the MACD remains negative. A strong uptrend will happen if this line crosses above the zero line. Besides the bullish technical outlook, the launch of the first SOL Futures ETF by Volatility Shares could also spark a bull run. Additionally, network activity on the Solana blockchain is rising again. Data shows that in the last 24 hours, dApp volumes on the network surged by more than 300% from $78 million to $190 million. The total transactions have also risen to 19.3 million, which is the highest in more than a week. High network activity has always been a bullish catalyst for Solana's price. If this continues as traders buy the dip, SOL can attain the $300 price target soon.