- Solana tops Coinbase charts, driven by strong demand and a $234.40 price, outpacing Bitcoin and XRP in buyer activity.
- Massive SOL transactions like “Pumpfun’s” $572M holdings highlight institutional confidence and market strength.
- November breakout and positive funding rates sustain Solana’s bullish momentum into January with record highs.
Solana (SOL) dominates the cryptocurrency market with remarkable buying activity and bullish momentum. Over the past 24 hours, SOL topped Coinbase’s list as the most purchased cryptocurrency, boasting 161,000 buyers and a price of $234.40. The demand surpasses XRP, with 160,000 buyers, and Bitcoin (BTC), which remains strong at 98,000 buyers despite its hefty $102,107.57 price tag.
The latest data highlights increased activity around Solana, supported by substantial deposits into exchanges. Notably, 116,055 SOL ($28M) was deposited into Kraken by a major player identified as “Pumpfun.” In total, this entity has sold 264,373 SOL for $41.64M USDC while earning a staggering 2,365,970 SOL valued at $572M.
Funding Rates and Market Sentiment
Besides the impressive buyer count, SOL’s price movements have shown consistency and resilience. Early August saw a decline as negative funding rates surged, indicating bearish sentiment. However, a price recovery in late August coincided with funding rates turning positive, showcasing a shift toward bullish momentum.
From September through October, SOL consolidated near its 200-day moving average (MA), a critical indicator of market trends. The cryptocurrency oscillated within a range, reflecting stable sentiment supported by predominantly positive funding rates. Occasional spikes in activity highlighted moments of heightened market participation.
November Breakout and January Strength
November was the turning point for Solana. Its price broke out of previous ranges, climbing well above the 200-day MA. Funding rates spiked, signaling increased demand for long positions. The rally continued through late November, pushing SOL into a steep upward trajectory.
Despite a minor pullback in early December, SOL maintained its position above the 200-day MA, underscoring sustained bullish momentum. January brought renewed strength, with Solana reaching new peaks. Positive funding rates during this time demonstrated strong market confidence.
