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- A Solana whale has collected 7,500 SOL tokens worth $1.57 million in the last 24 hours.
- SOL rose 27.05% last week.
After a drop, Solana [SOL] saw a strong increase in the past month. Now the altcoin has crossed the $200 mark for the first time since April.
In fact, at the time of writing, Solana was trading at $207. This marked a 27.05% increase in seven days, with the altcoin gaining 41.12% on the monthly charts.
The recent upward trend has led to widespread debate about the factors underlying it. And according to Lookonchain, one of the factors driving the recent uptick is increased whale activity.
Whales collect Solana
Source: Lookonchain
According to Look at chainwhales were actively collecting SOL. Notably, one whale has collected a total of 257,599 tokens worth $54 million since October 22.
Moreover, this whale had collected 7500 tokens worth $1.57 million in the last 24 hours.
Typically, the increased accumulation of whales reflects the market’s confidence in the future value of a crypto.
Impact on SOL’s charts?
According to AMBCrypto’s analysis, Solana was experiencing favorable market conditions at the time of writing.
Source: Tradingview
This was evidenced by the fact that Solana’s Relative Vigor Index (RVGI) line (green) was above the signal line.
This acts as a buy signal and creates room for new buyers to enter the market, especially for long positions. A rising RVGI indicates bullish momentum with increased buying pressure.
Read Solana’s [SOL] Price forecast 2024–2025
This market phenomenon of increased buying activity is further supported by rising On-Balance Volume (OBV), which increased from $64.8 million to $71.6 million.
When the OBV rises, it indicates that buyers are more active, often resulting in upward price movements. This shows that volume is supporting the price increase, which is a positive sign of strong buying interest.