- A Solana whale accumulated 7500 SOL tokens worth $1.57 million over the past 24 hours.
- SOL surged by 27.05% over the past week.
After a decline, Solana [SOL] experienced a strong upswing over the past month. Now, for the first time since April, the altcoin has surpassed the $200 mark.
In fact, as of this writing, Solana was trading at $207. This marked a 27.05% increase in seven days with the altcoin gaining by 41.12% on monthly charts.
The recent uptrend has caused a widespread discussion on what are factors driving it. And according to Lookonchain, one of the factors driving the recent upsurge is increased whale activity.
Whales are accumulating Solana
Source: Lookonchain
According to Lookonchain, whales were actively accumulating SOL. Notably, one whale accumulated a total of 257599 tokens worth $54 million since the 22nd of October.
Also, over the past 24 hours, this whale had accumulated 7500 tokens worth $1.57 million.
Usually, increased whale accumulation reflects the market’s confidence in a crypto’s future value.
Impact on SOL’s charts?
According to AMBCrypto’s analysis, Solana was experiencing favorable market conditions at press time.
Source: Tradingview
This was evidenced by the fact that Solana’s Relative vigor Index (RVGI) line (green) was above its signal line.
This acts as a buy signal creating room for new buyers to enter the market, especially for long positions. A rising RVGI indicates a bullish momentum with increased buying pressure.
Read Solana’s [SOL] Price Prediction 2024–2025
This market phenomenon of increased buying activities is further supported by a rising On- Balance Volume (OBV), which surged from $64.8 million to $71.6 million.
When OBV rises, it suggests that buyers are more active, which often results in upward price movement. It shows that volume is supporting the price increase, which is a positive sign of a strong buying interest.
