Solana’s recent surge has captured the crypto market’s attention. SOL has been up 34% in the past week, surpassing $200 for the first time since April.
The catalyst? Whale activity—particularly a significant accumulation by a single Solana whale- seems to have reignited bullish momentum for the blockchain’s native token. With SOL gaining 41.12% in the past month, crypto traders and analysts are paying close attention to what’s driving the uptrend and what lies ahead for Solana.
Whale Accumulation Fuels Solana Rally
A massive increase in whale buying has fueled optimism around Solana’s value. According to on-chain data from Lookonchain, a prominent Solana whale has accumulated significant tokens, adding 257,599 SOL—worth approximately $54 million—since October 22.
Whales are accumulating $SOL and the market cap of #Solana surpasses $100B today!Whale"AA21…VxH9" accumulated 7,500 $SOL($1.57M) again today.The whale has accumulated a total of 257,599 $SOL($54M) since Oct 22.https://t.co/1vpVWG5SSK pic.twitter.com/Lom4sRAnOT
— Lookonchain (@lookonchain) November 10, 2024
This purchasing frenzy has continued over the past 24 hours, with the whale adding another 7,500 SOL, valued at $1.57 million. This level of whale activity suggests a renewed confidence in Solana’s potential and highlights an increased interest in the asset among larger investors.
The technical indicators for Solana also show a bullish trend that aligns with the whale activity. On the charts, Solana’s Relative Vigor Index (RVGI) line has climbed above the signal line, a traditional indicator of buying pressure. When this line is elevated, it typically signals that buyers are driving momentum, encouraging new long positions.
Another critical measure supporting this upward movement is Solana’s On-Balance-Volume (OBV), which has surged from $64.8 million to $71.6 million over the past month. An increasing OBV and a price rally suggest that buying interest is substantial and sustained, which bodes well for potential continued gains.
SOL Reaches $240 After Hitting Key Resistance
Solana’s recent rally pushed its price to $240, a milestone for the altcoin. This price movement is a 34% increase in a week, positioning SOL firmly above the psychological $200 level.
The upswing follows an extended period of consolidation and a dip that left SOL in uncertain territory. With a price resurgence, Solana has not only recouped losses but has shown resilience against broader market fluctuations.
$SOLSolana is only days away from confirming the end of its multi-month Downtrend (blue)Weekly Close above the Downtrend would confirm the break#Solana #SOL #BTC pic.twitter.com/i5t9152V3r
— Rekt Capital (@rektcapital) November 7, 2024
Market analysts closely monitor the $200 level, which could be new support if SOL maintains its upward trajectory. However, the broader question remains whether this momentum will sustain itself.
If Solana continues to attract whale investments and sees increased buying pressure, breaking above previous resistance levels may come sooner than expected.
While whale accumulation often signals confidence, it’s worth noting that broader market trends and regulatory factors could impact Solana’s recent gains. Yet, the renewed interest from institutional and high-value investors presents a case for Solana’s continued strength.
