Solana (SOL) has proven itself as one of the best performers in the crypto market over the past week. The digital coin rose 16% and is approaching its all-time high (ATH) of almost $260. An important factor behind this rally appears to be the renewed activity of whales, who have been purchasing large amounts of SOL.
Whales show confidence in Solana
On-chain data from analytics platform LookOnChain shows that a well-known whale has added a whopping 257,599 SOL to his portfolio since October 22, with an estimated value of $54 million. In the past 24 hours, another 7,500 tokens were added, worth $1.57 million.
These extensive and consistent purchases indicate growing confidence in Solana. Large accumulations by whales are often seen as a sign of optimism among institutional and large investors. Whale activity can also cause a domino effect, with smaller investors following the same moves, which can further push the price higher.
New price highs
The recent rise to $240 marks a major milestone for Solana. After a period of consolidation, the coin has not only recouped previous losses but also established a solid foundation above the psychological barrier of $200. SOL had only briefly exceeded this level since April, making its recent performance particularly important.
Solana focuses on Ethereum
Solana is increasingly seen as a serious challenger to Ethereum (ETH). According to a report from Syncracy Capital, Solana’s Real Economic Value (REV) surpassed that of Ethereum in October 2024, increasing from 1% to 111% in just one year. Total Value Locked (TVL) on Solana also reached a high of $9 billion, growing 13% within a month.
Moreover, the recent memecoin hype has given the network a big boost. This hype is seen by experts as an important stress test for Solana’s infrastructure. If the network continues to support this growth, it could potentially take over Ethereum’s position in the future.
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Source: https://newsbit.nl/solana-sol-maakt-sterke-stijging-door-en-nadert-all-time-high/
