Solana captures 40% of crypto buybacks: SOL can reach $295 IF…
Whale inflows, ecosystem buybacks and ETF buzz fuel Solana’s charge, but risks loom ahead.
Key Takeaways
Solana jumped 13%, clearing $200, with whales adding positions and buybacks rising 158%. And yet $295 resistance remained the decisive test for continued upside.
Solana [SOL] was once again among the standout gainers, staging an impressive comeback with a 13% surge in 24 hours.
SOL’s rally aligned with earlier projections of a 30% move from the $150 support rebound earlier this month. With the $200 resistance now cleared, the altcoin’s next resistance in line is the all-time high near $295.
Solana whales are making moves
AMBCrypto’s analysis of CryptoQuant’s Futures Average Order Size data indicated that large investors were steadily adding to their positions.
This big-order accumulation near current levels mirrored renewed confidence, projecting further upside—possibly to $295.
Unlike retail-driven spikes, whale activity tends to sustain trends, adding weight to the argument that SOL could be gearing for another leg higher.
Protocol buybacks add to the altcoin bullishness
One of the most overlooked drivers of this rally is happening within Solana’s ecosystem itself.
Weekly token buybacks on Solana-based projects have surged from $14.5 million to $46.8 million in just two weeks — a 158% jump.
According to SolanaFloor, Solana protocols now account for about 40% of all crypto project buybacks, up sharply from just 11% in June.
That growth reflects rising economic activity across the network and, more importantly, steady demand flowing back into SOL.
Institutional interests in SOL
Institutional interest also came into play.
VanEck filed for a U.S. spot Solana ETF backed by liquid staking token JitoSOL — a move that could open broader exposure if approved.
At the same time, recent reports suggested the European Union was considering Solana, alongside Ethereum, as infrastructure for its upcoming digital euro initiative.
Can SOL reclaim $295?
The bullish case for Solana is supported by whale accumulation, rising protocol activity and growing institutional attention.
Still, as SOL edges closer to a major resistance zone, traders will be watching whether momentum can carry the token back to $295 — or if profit-taking slows the advance.
