- Solana hit a new ATH at $262.51, driven by whale accumulations totaling $35 million in purchases over two days.
- SEC discussions on Solana ETFs and filings by Bitwise add to growing institutional interest in the cryptocurrency.
- Solana futures OI rose 15% to $6.01 billion, while derivatives volume surged 61% to $19.03 billion, reflecting increased market activity.
Solana has reached a new all-time high, driven by a significant increase in whale accumulations and heightened market activity. On Friday, SOL recorded a price of $262.51, reflecting an 8% intraday gain and cementing its position as a key player in the crypto market. The rally has drawn significant attention, with whales purchasing large volumes of SOL, showcasing growing confidence in its potential.
Whale Activity Sparks Buying Pressure
Recently, data highlights notable whale transactions fueling Solana’s bullish momentum. According to Lookonchain, one wallet acquired 42,443 SOL, valued at $11.14 million, over two days from Binance. Another wallet accumulated 100,000 SOL, worth $23.86 million, during the same period and staked the tokens.
Moreover, these movements underscore strong market sentiment and demonstrate that large investors are actively betting on Solana’s continued growth. Collectively, these holdings now represent millions in SOL assets, signaling robust buying interest.
ETF Prospects Add Optimism
Simultaneously, the potential approval of a Solana-based ETF has added to the positive market outlook. Reports indicate that the SEC is engaging with issuers who have filed applications for Solana ETFs.
Bitwise, a prominent asset manager, is among the latest to file for a SOL ETF, further increasing anticipation in the market. Such developments have bolstered confidence in Solana’s long-term potential, attracting retail and institutional investors.
Market Indicators Reflect Strong Momentum
Notably, key indicators point to Solana’s growing dominance in the cryptocurrency market. Futures open interest surged 15% to $6.01 billion, reflecting higher interest from traders. Moreover, derivatives volume climbed by 61% to $19.03 billion, highlighting increasing trading activity.
Furthermore, these figures, combined with the token’s 26% weekly gain and 59% monthly growth, suggest sustained momentum. However, market watchers remain cautious about potential sell-offs, particularly after recent significant sales near the token’s previous ATH.
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