Solana Whale Accumulation Fuels SOL Rally, Market Cap Surpasses $100B

Solana's recent surge has captured the crypto market's attention. SOL has been up 34% in the past week, surpassing $200 for the first time since April.

Solana’s (CRYPTO: SOL) price rally has grabbed attention in the crypto market. SOL price surged 34% over the last week, crossing the $200 mark for the first time since April.

A key factor behind this rally seems to be large whale activity, particularly a substantial accumulation by a Solana whale, reigniting bullish momentum for the blockchain’s native token. As SOL price gains 41.12% in the last month, crypto traders and analysts are keeping a close watch on what’s driving the uptrend and what lies ahead for Solana.

Whale Accumulation Adds To Solana RallyA large increase in whale buying activity has fueled optimism around Solana’s value. On-chain data from Lookonchain showed a prominent Solana whale accumulating a substantial amount of the token, adding 257,599 SOL — around $54 million — since October 22.

Whales are accumulating $SOL and the market cap of #Solana surpasses $100B today!Whale"AA21…VxH9" accumulated 7,500 $SOL($1.57M) again today.The whale has accumulated a total of 257,599 $SOL($54M) since Oct 22.https://t.co/1vpVWG5SSK pic.twitter.com/Lom4sRAnOT

This buying spree continued over the last 24 hours as the whale added another 7,500 SOL, valued at $1.57 million. This level of whale activity suggests renewed confidence in Solana’s potential and highlights an increased interest in the asset among larger investors.

Solana’s technicals also showed a bullish trend that aligns with the whale activity. On the charts, Solana’s Relative Vigor Index (RVGI) line climbed above the signal line, a traditional indicator of buying pressure. When this line is elevated, it typically signals that buyers are driving momentum, encouraging new long positions.

Another key metric supporting this upward movement is Solana’s On-Balance-Volume (OBV), which surged from $64.8 million to $71.6 million over the last month. An increasing OBV and a price rally suggest that buying interest is substantial and sustained, boding well for potential continued gains.

SOL Price Hit $240 After Crossing Key Resistance LevelSolana’s recent rally pushed its price to $240, a pivotal level for the altcoin. This price movement marks a 34% increase in a week, placing SOL well above the psychological $200 level.

The upswing follows an extended period of consolidation and a dip that left SOL in uncertain territory. With a price resurgence, Solana has not only recouped losses but has shown resilience against broader market fluctuations.

$SOL

Solana is only days away from confirming the end of its multi-month Downtrend (blue)

Weekly Close above the Downtrend would confirm the break#Solana #SOL #BTC pic.twitter.com/i5t9152V3r

Market analysts are keeping a close watch on the $200 level, which could be new support if SOL maintains its upward trajectory. However, the broader question remains whether this momentum will sustain itself.

If Solana continues to attract whale investments and sees increased buying pressure, breaking above previous resistance levels may come sooner than expected.

While large whale accumulation often signals confidence, it’s crucial to note that broader market trends and regulatory factors could impact Solana’s recent gains. Yet, the renewed interest from institutional and high-value investors presents a case for Solana’s continued strength.