Solana (SOL) has returned to its yearly high of $218.91, as whale accumulation grows. As of press time, Solana trades above the $216 level, rising by 49.38% in the last month and 32.88% in the previous week, indicating a change in the bullish trend.
Whale Accumulation Rises
The analytical service Lookonchain reports that one of the whales has bought 257,599 SOL tokens worth $54 million since October 22. Over the last 24 hours, this whale bought an additional 7,500 SOL tokens worth $1.57 million, proving that this investor is optimistic about the future of SOL.
Whales are accumulating $SOL and the market cap of #Solana surpasses $100B today!
Whale”AA21…VxH9″ accumulated 7,500 $SOL($1.57M) again today.
The whale has accumulated a total of 257,599 $SOL($54M) since Oct 22.https://t.co/1vpVWG5SSK pic.twitter.com/Lom4sRAnOT
— Lookonchain (@lookonchain) November 10, 2024
Solana’s Relative Vigor Index (RVGI) has recently moved above its signal line, a buy signal for investors looking to enter longs. This upward trend, characterized by buying pressure, can attract new investors and support Solana’s price.
Another sign that supports Solana’s price surge is the upturning On-Balance-Volume (OBV), which has been recording $64.8 million and then shooting to $71.6 million. Higher OBV indicates increased buying pressure since the trading volume backs the asset’s price rise. This increase in volume is positive and indicates high demand, which supports the positive expectations regarding Solana.
Solana Next Target
The next target level is $240, which Solana’s price is expected to hit soon. According to the analyst, Solana can go beyond this level if the accumulation of whales continues and other market environments are conducive. Investors are encouraged to exercise caution despite the current upward trend.
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The current performance of Solana shows that it is an unstoppable project and one of the top players in the altcoin market. The more whales add their SOL tokens and buy signals appear, the higher the chances of Solana surging and attracting more institutional and retail investor money.
