Solana price could be on the verge of a bullish breakout after on-chain data revealed that exchange giant Binance has been gradually accumulating SOL over the past month. As buying pressure increases, can Solana rally past $300 to a fresh all-time high?
Binance Could Fuel The Next Solana Price Rally
Popular analyst MartyParty has opined that Binance will drive the next Solana price rally. In his analysis, he compared Solana’s 50% pullback in March and Binance’s accumulation trend, which shows the exchange has heavily bought the dip.
Data from Arkham supports the analyst’s outlook. It reveals that Binance’s Solana holdings have surged by 37% within one month from 16M SOL to the current balance of 22M SOL. Binance’s Solana holdings are now at their highest level since November 2024.
On-chain analytics platform Glassnode also revealed that the recent decline in Solana price drove accumulation. It noted that after the price fell to $123 last week, traders bought 16.2M SOL. They also purchased 19M SOL at $126.
This accumulation could offer support for SOL price between $123 and $126, preventing a prolonged downtrend. If this level holds, it will support a bullish Solana price forecast past $300.
Can Solana Reach $300?
Solana price today trades at $131 with a slight 1.5% gain in 24 hours. The altcoin has formed an ascending triangle pattern on its daily chart according to analyst Nebraskangooner. 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.
If SOL overcomes the strong resistance at $137, it could continue with the uptrend toward the 50-day EMA at $158. However, a strong move to $300 will be confirmed if Solana price flips the 200-day EMA.
The MACD indicator is also showing 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, today’s 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 from DappRadar shows that in the last 24 hours, dApp volumes on the network surged by more than 300% from $78M to $190M. The total transactions have also risen to 19.3M, which is the highest in more than a week.
High network activity has always been a bullish catalyst for Solana price. If this continues as traders buy the dip, SOL can attain the $300 price target soon.
The post How Binance Could Fuel Next Solana Price Rally to $300 appeared first on CoinGape.
