- Solana whale recently purchased 100K SOL worth $23.86M
- Solana recorded $311M in stablecoin inflows over the last 24 hours, the largest inflow ever.
As a seasoned analyst with over two decades of experience in the crypto market, I find myself increasingly impressed by Solana [SOL]’s recent performance. The whale’s strategic $23.86M purchase and subsequent staking, coupled with an unprecedented $310M stablecoin inflow, paints a picture of growing confidence in Solana’s ecosystem.
In the last day, Solana (SOL) has maintained its position above the $230 mark, experiencing a 2.01% increase. This surge can be attributed to increased market volatility, with Bitcoin reaching a new peak of $99,000.
Currently, Solana’s 24-hour trading volume has experienced a significant increase of 9.41%, amounting to approximately $7.31 billion. As analysts predict continued bullish trends in ‘Pumpcember’, the intriguing question arises: Could Solana potentially reach a price of $400?
Solana whale staking continues
As a crypto investor, I’ve noticed some interesting movements in the Solana (SOL) market. Specifically, I found out that a major player, commonly known as a ‘whale’, has just acquired 100K SOL – worth approximately $23.86 million – and staked it within the past two days, according to data from Lookonchain, a reputable blockchain analytics platform.
This whale’s financial actions indicate a deliberate build-up and staking of Solana tokens, aimed at securing the highest possible returns.
As a researcher studying the cryptocurrency market, I find myself impressed by the substantial accumulation of Solana (SOL) by whales. Currently, they hold approximately 231,919 SOL, which translates to an astounding $55.58 million. This significant investment underscores their faith in Solana’s long-term potential, a testament to the platform’s promising future.
It appears that most transactions came from Binance user accounts and ended up at the whale’s staking destination.
Just now, a transaction worth approximately $11.8 million in SOL (50,000 units) was successfully carried out.
Solana hits record $310M stablecoin inflows
In the past day, an astounding sum of $310 million worth of stablecoins has flowed into the Solana system, setting a new record for the highest single-day influx ever recorded in its ecosystem.
Over the last week, the growth spike propelled Solana’s overall stablecoin market capitalization up to a staggering $4.481 billion, representing an impressive 15.67% hike in value.
In the realm of stablecoins on Solana, USDC holds the largest share, making up approximately 72.07% of the total market.
This substantial increase in flow strongly suggests a rising trust in Solana’s environment, which is probably fueled by more widespread usage and the network’s strong underlying structure.
SOL records +300% DEX volume than ETH
As an analyst, I’m observing a significant trend: For the past three days running, Solana has surpassed Ethereum‘s Layer-1 in terms of Decentralized Exchange (DEX) trading volume. To put it into perspective, Solana’s volume is approximately triple that of Ethereum on these platforms.
source: DefiLlama
The diagram clearly shows a notable increase in Solana’s activity, as it consistently has more Decentralized Exchange (DEX) volume compared to other networks, depicted by the stacked bars.
The persistent supremacy suggests a strong embrace of Solana’s network, fueled by its fast performance, affordable transaction costs, and growing liquidity.
The significant surge in decentralized exchange (DEX) trading activity underscores Solana’s expanding influence within the DeFi sector, reinforcing its edge over Ethereum Layer-1 in terms of competition.
$270 next for SOL’s 4-hour breakout
Currently, Solana is being traded at approximately $242.79, holding a consistent uptrend. Important floor levels can be found around $234, while significant resistance lies near $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.
In simpler terms, the MACD (Moving Average Convergence Divergence) line crossed below the signal line, suggesting that the momentum may be weakening or there could be a brief reversal in the market, implying a possible downturn for the short term.
Read Solana’s [SOL] Price Prediction 2024–2025
Yet, the shrinking histogram implied that bearish sentiment was diminishing, potentially paving the way for a bullish turnaround.
At the same time, the Chaikin Money Flow (CMF) stood firm at 0.10, indicating consistent net investments flowing in and ongoing buying enthusiasm.
Read More
- DYM PREDICTION. DYM cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- Top gainers and losers
- TURBO PREDICTION. TURBO cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- ADA PREDICTION. ADA cryptocurrency
2024-11-22 12:08