Solana (SOL) has once again captured the market’s attention by reaching a new all-time high (ATH) of $262, marking an 8% intraday gain. This surge comes as a result of sustained whale accumulation, indicating strong buying pressure and heightened optimism about Solana’s future performance.
On November 22, on-chain data from Lookonchain revealed that large investors continue to amass SOL tokens. One whale wallet, identified as “Au1VJ…q8hF8,” purchased 42,443 SOL (worth $11.14 million) from Binance over two days. Another whale wallet, “7L1HBfMH..,” acquired 100,000 SOL (worth $23.86 million) and staked the tokens, bringing its total holdings to $55.58 million. These significant purchases signal a bullish outlook on the cryptocurrency, suggesting that major players are confident in its potential for further gains.
The growing accumulation has coincided with the increasing likelihood of a Solana ETF. The SEC has engaged with issuers of Solana ETFs, fueling additional market interest. This development, coupled with Solana’s rapid price appreciation, has led some analysts to set a long-term price target of $5,000.
In the past week, SOL has seen a 26% increase, and its monthly gain stands at 59%, reflecting strong momentum. Additionally, Solana’s futures open interest (OI) surged by 15% to $6.01 billion, and its derivatives volume grew by 61% to $19.03 billion, pointing to expanding market interest.
With whale activity, ETF prospects, and increasing market confidence, Solana is positioning itself for continued upward movement, making it one of the most closely watched assets in the cryptocurrency space.
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