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Whales buy Solana worth $23.86M: Is $400 in sight for SOL?

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A whale recently purchased 100K SOL worth $23.86M. What could this mean for Solana’s price?

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  •  Solana whale recently purchased 100K SOL worth $23.86M
  • Solana recorded $311M in stablecoin inflows over the last 24 hours, the largest inflow ever.

 Solana [SOL] has held the $230 support level, rising by 2.01% in the past 24 hours. This was driven by heightened volatility as Bitcoin hit an all-time high of $99,000. 

Meanwhile, Solana’s 24-hour trading volume has surged by 9.41%, reaching $7.31 billion. With analysts anticipating more bullish momentum in ‘Pumpcember’, the question remains: Can Solana achieve the $400 price?

Solana whale staking continues

Lookonchain, a blockchain analytics platform, showed that a whale recently purchased 100K SOL, valued at $23.86 million, and staked it within the last two days. 

This whale’s transactions show a strategic accumulation and staking of Solana tokens to maximize rewards.

The whale’s holdings now total 231,919 SOL, equivalent to $55.58 million, highlighting their significant confidence in Solana’s long-term potential.

Source: X

The data shows that the transactions originated primarily from Binance accounts and were transferred to the whale’s staking address.

 Notably, the latest transfer of 50,000 SOL, valued at $11.8 million, was completed a few hours ago, at the time of writing. 

Solana hits record $310M stablecoin inflows

Solana has experienced unprecedented stablecoin inflows, with $310 million entering the ecosystem in the last 24 hours. This marked the largest single-day inflow in its history. 

The surge has brought Solana’s total stablecoin market cap to $4.481 billion, reflecting a remarkable 15.67% increase over the past seven days. 

The stablecoin landscape on Solana continues to be dominated by USDC, which accounts for 72.07% of the market.

Source: DefiLlama

This significant inflow underscores the growing confidence in Solana’s ecosystem, likely driven by increasing adoption and the network’s robust infrastructure.

SOL records +300% DEX volume than ETH

Solana has outpaced Ethereum Layer-1 in Decentralized Exchange (DEX) trading volume for the third consecutive day, recording nearly 300% more volume

source: DefiLlama

The chart illustrates a significant surge in activity on Solana, with stacked bar representations showing consistently higher DEX volume than other networks. 

This consistent dominance indicates a robust adoption of Solana’s ecosystem, driven by its high speed, low fees, and increasing liquidity.

The dramatic increase in DEX trading volume highlights Solana’s growing role as a leader in DeFi, further consolidating its competitive advantage against Ethereum Layer-1.

$270 next for SOL’s 4-hour breakout

Solana was trading at $242.79, at press time, maintaining a steady upward trajectory, with key support at $234 and major resistance at $250.

 The price recently broke out of a consolidation phase, surging over 10% before stabilizing. A successful breakout above $250 could push the price toward the next resistance level at $270, extending the previous breakout.

Source: Tradingview

The MACD indicator showed a bearish crossover, with the MACD line dipping below the signal line, indicating slowing momentum or a potential short-term retracement.


Read Solana’s [SOL] Price Prediction 2024–2025


However, the narrowing histogram suggested fading bearish pressure, leaving room for a bullish reversal.

 Meanwhile, the Chaikin Money Flow (CMF) remained positive at 0.10, reflecting steady net capital inflows and sustained buying interest.

 

 

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Maxwell is a crypto-economic analyst and blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.
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