- Whales buy and deploy large amounts of Solana.
- SOL’s price action followed an uptrend channel on the 4-hour chart.
Solana [SOL] experienced significant buying activity as whales continued to gather and deploy large amounts of SOL.
One large holder withdrew 206,111 SOL, worth $36 million, from Binance and staked it over the past nine days.
This large-scale accumulation indicated growing confidence in Solana’s potential for further gains as the price remained above $175. This continued interest in whales and whale releases indicated that SOL could be on track to reach new highs.
Source: Lookonchain
Price action and BTC appreciation
In recent days, Solana’s price action has followed an uptrend channel on the 4-hour chart, with the daily time frame showing a bullish pennant formation.
This setup often signals the potential for a breakout, and SOL looked primed for an upward move. A successful breakout could push the SOL above the $200 mark, reflecting increased optimism among traders and investors.
However, analysts warned that while the SOL remained strong, its inflationary nature could impact its long-term value trajectory.
As SOL’s price approached previous all-time highs, some warned of the need to be cautious even as bullish momentum continued.
Source: trading view
Solana’s performance against Bitcoin [BTC] highlighted its strength, with the SOL/BTC ratio showing relative resilience.
The ratio suggested that SOL could outperform other major cryptocurrencies, especially if it managed to break through the current consolidation phase.
Observers believed that once Solana breaks this pattern, it could experience a parabolic run, potentially outperforming Bitcoin and attracting additional investor interest.
Solana ecosystem is thriving
The SOL ecosystem is flourishing, with notable developments in various sectors. Solana-based memecoins drew liquidity into the ecosystem, increasing demand for SOL.
Recently, Ponke, a popular Solana memecoin, became the biggest 24-hour gainer among the top 200 tokens by market cap.
Additionally, Robinhood expanded its Solana offering to the European markets, enticing new users with a 1% deposit bonus. The move underscored Solana’s growing appeal beyond the US and demonstrated its growing global reach.
Source:
Solana’s NFTs held strong, accounting for 33% of NFT activity on blockchains. The ecosystem projects made impressive gains.
Realistic or not, here is SOL’s market cap in terms of BTC
Helium, a major player, rose 17.72%, while the AI meme token $GOAT rose 231.7%. This highlighted Solana’s appeal in sectors such as AI, DePIN and NFTs.
Investors looked at key resistance levels and market trends to determine whether SOL could reach new highs or face consolidation.