Solana price made headlines as a whale spent and ‘locked up’ SOL, showing increasing interest in the token. Within the last two days, this investor bought 100,000 SOL worth $25,821,000 based on the present market price.
It boosted the whale’s SOL possession to 231,919 SOL, and its valuation at the time of purchase was about $55.58 million. Such activities indicate some of the growing large-scale investor staking in Solana as it gains mainstream adoption in the decentralized technology industries.
Solana’s Topping in Blockchain Popularity
The year 2024 was a good one for Solana as it has hooked up the greatest percentage of the global crypto investors’ interest. Solana takes a significant share of the pie generating 38.79% of the global traffic and thus establishing its strong position within the blockchain industry.
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Base follows as one of the strongest contenders for the title. It holds 16.81% of the traffic. Another point that shows a decline of the Ether in comparison with more popular Bitcoin is revealed. Ethereum took second place with 10.76 % while last year had a leader position.
Other platforms such as TON, Sui, and BNB chain also attract a decent amount of attention. That’s with traffic ranging between 4.12% to 6.20%. This data claims that there is a great disparity in the interest generated by the new and the traditional blockchains.
It shows that the industry is dynamically evolving and improving in terms of technology. Specifically, the arrows in the infographic imply the shift in competition and user engagement compared to the data in the first quarter of 2024.
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After such a large investment from the whale, the Solana price responded warmly. Its price increased by approximately 1.96% for the day when the whale made that investment.
Today’s market statistics have been somewhat mixed for Solana price, with market capitalization now above $122,340,619,358.86 and trading volumes showing a fall of 38.84%. Some experts see these numbers as proof of quite a healthy market sentiment.
Solana Price Technical Analysis and Future Prospects
Analyzing the trading charts of Solana price, a closely knitted bullish pattern was observed in yesterday’s charts. Looking at the 4-hour trading charts of SOL at the time of writing, all have revealed an upward trend.
From those price movements, one could have concluded that the ‘Market Support Levels’ were strong. Among those technical ones, both the short-term traders and the position traders held their stocks for long-term value.
They gave great importance to the future price movements reflected by the past actions and trends of the market.
More detailed technical analysis suggested that, after significant, continuing upward volume pressure, the Average Directional Index (ADX), which was above level 20 on Solana price chart, suggested an increasing signal for an uptrend. It was presumably triggered both by the whale and general demand.
The strong focus and heavy investment into Solana could well pave the way for future growth and additional developments in the Solana ecosystem.
More liquidity brought by whales provides more stability to Solana price. That will make it a preferred candidate for other institutional investments.
Furthermore, various developers keep working hard to develop new and complex applications on Solana. Essentially, there is a likelihood of new attributes and programs emerging within the platform that may keep enhancing the network’s worth in the market.
