Solana whale buys $28M in SOL – Is a bigger accumulation phase starting?

Solana is poised to demonstrate that it is still the OG blockchain.

From an on-chain perspective, September got off to a good start. However, the majority of the early gains were driven by Robinhood Chain, which experienced a significant increase in DEX volume, transactions, and RWA adoption.

This naturally raised questions about whether Solana was losing some of its edge.

The most recent information, however, suggests that Solana is regaining its momentum. Following a brief loss of the number one position in terms of daily DEX volume to Robinhood Chain, Solana recovered in less than 72 hours.

It is now back above $2 billion per day in terms of DEX volume and is outpacing Robinhood Chain by a considerable margin.

Notably, the address activity tells a similar story. According to the Token Terminal data, Solana boasts around 10x higher active addresses than Robinhood Chain, which speaks of the network’s activity difference.

In short, there is still no doubt about SOL’s demand. Even though Robinhood’s airdrop has attracted many new users, Solana’s fast adoption rate has not diminished any of the activity.

According to AMBCrypto, this is where the chart above begins to hold serious weight.

Like the chart shows, Solana is dominating x402 activity, outpacing Base and others for the second week in a row. Solana now comprises over 80% of total activity, suggesting growing adoption in the space of AI agents and stablecoin payments.

That gives Solana’s recent surge a more fundamental angle: its success is not only being driven by DEX activity but also by emerging agentic payments use cases.

In this regard, Solana [SOL] seems to be pulling ahead of Robinhood Chain, raising the question of whether the recent whale accumulation is being driven more by conviction than speculation.

Solana’s H2 rally is just getting started

Solana is showing one of the most bullish technical setups in crypto at the moment.

From a technical perspective, SOL has closed its first green monthly candle in 10 months, with the monthly MACD nearing a bullish crossover. On the monthly chart, the RSI has broken above a two-year downtrend, suggesting that long-term momentum could be turning in favor of SOL. 

In this regard, the Lookonchain data recently showed that a whale accumulated 285,503 SOL during the past three weeks, which makes the movement look more like a strategic move than a random one.

However, despite the recent bullish signs, analyst Ansem argues the market is not yet bullish enough.

Now, this is where Solana’s fundamentals start to matter.

While the recent shift in network traffic towards Robinhood may have rattled some, Solana’s technical and fundamental conviction is proving far more resistant to pressure.

If anything, the network is already regaining momentum across both DEX and agentic activity, making Ansem’s bullish thesis look less far-fetched.

With technicals trending higher, on-chain activity picking up, and Solana dominating the agentic transaction landscape, the fundamentals are proving increasingly difficult to ignore.

This could help explain why recent whale accumulation may just be the start of a deeper accumulation phase ahead.

Final Summary

• Solana is gaining momentum, with stronger activity across DEXs and agentic transactions.

• Whales may be buying for the long term, as Solana’s fundamentals continue to improve.