As a seasoned crypto investor with a knack for spotting promising assets, I’ve been closely watching Solana’s impressive performance. The recent surge to a new ATH, fueled by massive whale accumulations, is a clear sign of a bull market in the making.
On Friday, Solana reached a fresh all-time high, drawing interest from market participants once more. Interestingly, this rise in SOL appears to be sustained due to significant whale purchases. With the crypto currently experiencing strong buying demand during the bull market, analysts are predicting further growth for Solana in the near future.
Solana Hits New ATH Amid Massive Whale Buying
Based on Lookonchain’s information on November 22, it appears that whales are adding to their holdings of Solana as its price continues to reach new all-time highs (ATH). Specifically, a newly identified wallet has amassed 42,443 Solana tokens worth approximately $11.14 million over the past two days, according to data from Binance. This accumulation was made by the wallet address “Au1VJ…q8hF8”, as confirmed by Solscan’s records.
At present, a significant increase in holdings worth approximately $23.86 million of the cryptocurrency Solana (SOL) has been observed over the past two days, adding weight to the bullish sentiment surrounding this asset. As per Lookonchain and Solscan’s data, an influential investor, known as a whale, has purchased 100K SOL, with the transaction ID being 7L1HBfMH… This whale now holds a total of $55.58 million in SOL.
In summary, these buildups indicate a stronger demand for the asset, which has sparked a lot of hope about its future price fluctuations among traders. To clarify, the fact that big investors are stockpiling this asset suggests they believe it could bring profitable returns in the near future.
Additionally, as the likelihood of a Solana Exchange Traded Fund (ETF) increases, optimism surrounding one of the top cryptocurrencies by market cap is running high. A recent report from CoinGape Media suggests that the Securities and Exchange Commission (SEC) has begun communicating with Solana ETF issuers about their submitted S-1 registration statements. Furthermore, Bitwise has recently filed for a Solana ETF as well, increasing market enthusiasm.
Coin Price Gians 8% Breaking ATH
As a crypto investor, I’m thrilled to report that today, the price of SOL surged by an impressive 8%, reaching $262.51 at the time of writing this. Notably, this new high represents a fresh All-Time High (ATH) for the coin. Diving into the details, the 24-hour low was $237.33, but the recent price surge has significantly outperformed that level.
At the same time, data from Coinglass showed that the value of futures contracts for the coin increased by 15%, reaching $6.01 billion. Additionally, the volume of derivative trades experienced a significant rise of 61% to $19.03 billion. In summary, these figures suggest a growing market interest in this asset, potentially setting a positive stage for future price fluctuations.
Additionally, a recent Solana price analysis by CoinGape Media indicates that the coin could potentially reach $5,000, given its already substantial increase from its 2023 lows. Crypto analysts are keeping a close eye on the token’s price movements in response to these trends.
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2024-11-22 09:28