Solana Surpasses Ethereum in Daily Transaction Fees, Whale Accumulation Signals Growing Confidence

Solana is a blockchain platform geared towards widespread use in areas like finance, payments, and gaming.

Solana (CRYPTO: SOL) surpassed Ethereum (CRYPTO: ETH) in daily transaction fees for the first time, generating approximately $2.54 million on Oct. 28, 2024, compared to Ethereum's $2.07 million.

This surge in Solana transaction fees is driven by high activity on Raydium (CRYPTO: RAY), Solana's largest decentralized exchange, which alone contributed over $3.41 million in fees.

Solana's superior transaction efficiency and a significant increase in meme coin transactions have solidified its position as a major competitor in the cryptocurrency space.

However, this growing activity has also led to technical challenges on the Solana network.

Recent activity among Solana whales reveals significant accumulation, with approximately 202,400 SOL tokens — worth $35 million — were purchased from centralized exchanges like Binance and Kraken on Oct. 28.

This surge in whale activity underscores growing confidence in Solana's potential. Such major acquisitions signal strong bullish sentiment among large investors in the cryptocurrency.

Solana Price Action: SOL is consolidating after hitting a multi-month high $183.92 and is trading around $174.84 at the time of writing.

If it remains above this point, it may climb further to $200 and beyond.

However, if the price closes below $110, it could indicate a bearish trend.

The nearest support level is at $159, and a drop below that could target $140, $127, $120, or $110.

Solana price is displaying strength on the technical chart.

For traders, watching the near-term resistance at $180 is crucial; breaking through this level could lead to further price increases to $200 or even $229.

Buying on dips around 160 with a stop-loss at 140 and a target price of $200 is a solid strategy.