Solana (SOL) has once again captured the attention of the cryptocurrency market, hitting a new all-time high (ATH) on Friday, November 22nd. This surge in price is fueled by significant whale accumulation, which has injected a strong bullish sentiment into the market.
Whale Accumulation Drives Upward Momentum
According to data from Lookonchain, whales have been actively accumulating SOL, further bolstering its upward trajectory. A notable wallet address, “Au1VJ…q8hF8,” acquired 42,443 SOL worth approximately $11.14 million from Binance over the past two days.
The $SOL price breaks through $260, setting a new #ATH!
— Lookonchain (@lookonchain) November 22, 2024
Whales continue to accumulate $SOL!
A fresh wallet withdrew 42,443 $SOL($11.14M) from #Binance in the past 2 days.https://t.co/NVEWdZJVnrhttps://t.co/v2oOIG7igP pic.twitter.com/wHjoAYneVu
In another instance, a whale purchased 100,000 SOL valued at $23.86 million and subsequently staked it. This significant accumulation demonstrates strong investor confidence in Solana’s future potential.
Solana ETF Hopes Ignite Market Optimism
The growing anticipation of a Solana ETF has further fueled the bullish sentiment surrounding the cryptocurrency. The U.S. Securities and Exchange Commission (SEC) has initiated discussions with potential SOL ETF issuers regarding their S-1 registration statements. Bitwise has also filed for a Solana ETF, adding to the market’s excitement.
Price Analysis and Market Sentiment
SOL’s price has surged by 8% on the day, reaching a new ATH of $262.51. The weekly and monthly charts showcase impressive gains of 26% and 59%, respectively. This upward momentum is directly linked to the massive whale accumulation and increased market interest.
Coinglass data reveals a 15% surge in SOL’s futures open interest to $6.01 billion, along with a 61% increase in derivatives volume to $19.03 billion. These figures highlight the growing enthusiasm and speculative activity surrounding Solana.
Bullish Outlook and Potential Price Targets
Given the current bullish sentiment, strong whale accumulation, and potential for a Solana ETF, many market analysts are optimistic about SOL’s future price trajectory. Some analysts have even suggested a potential price target of $5,000 for SOL, although this remains speculative.
As the cryptocurrency market continues to evolve, it’s crucial to stay updated on the latest developments and conduct thorough research before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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