- Whales buy and stake large quantities of Solana.
- SOL’s price action followed an upward trend channel on the 4-hour chart.
Solana [SOL] experienced significant buying activity as whales continued to accumulate and stake large quantities of SOL.
One major holder withdrew 206,111 SOL, valued at $36 million, from Binance and staked it over the past nine days.
This large-scale accumulation hinted at growing confidence in Solana’s potential for further gains, as its price held above $175. This sustained whale interest and staking activity indicated that SOL could be on track to reach new highs.
Source: Lookonchain
Price action and BTC valuation
In recent days, Solana’s price action followed an upward trend channel on the 4-hour chart, with the daily timeframe revealing a bullish pennant formation.
This setup often indicates the potential for a breakout, and SOL appeared to be primed for an upward move. A successful breakout could push SOL above the $200 mark, reflecting increased optimism among traders and investors.
However, analysts cautioned that while SOL remained strong, its inflationary nature could impact its long-term value trajectory.
As SOL’s price approached previous all-time high levels, some warned of the need to be cautious, even as bullish momentum continued.
Source: Trading View
Solana’s performance against Bitcoin [BTC] highlighted its strength, with the SOL/BTC ratio displaying relative resilience.
The ratio suggested that SOL could outperform other major cryptocurrencies, especially if it managed to break out of its current consolidation phase.
Observers believed that once Solana breaks through this pattern, it could see a parabolic run, potentially outperforming Bitcoin and attracting additional interest from investors.
Solana ecosystem thriving
The SOL ecosystem has been thriving, with notable developments across various sectors. Solana-based memecoins pulled liquidity into the ecosystem, increasing SOL demand.
Recently, Ponke, a popular Solana memecoin, became the biggest 24-hour gainer among the top 200 tokens by market cap.
Additionally, Robinhood expanded its Solana offerings to European markets, enticing new users with a 1% deposit bonus. This move highlighted Solana’s growing appeal beyond the U.S. and demonstrated its expanding global reach.
Source: X
Solana’s NFTs held strong, accounting for 33% of NFT activity across blockchains. Its ecosystem projects saw impressive gains.
Realistic or not, here’s SOL’s market cap in BTC’s terms
Helium, a major player, increased by 17.72%, while the AI meme token $GOAT surged 231.7%. This highlighted Solana’s appeal in sectors like AI, DePIN, and NFTs.
Investors watched key resistance levels and market trends to determine if SOL could hit new highs or face consolidation.
