Solana (SOL) experienced a notable 5.08% price increase, attributed to significant accumulation by large holders (‘whales’) and heightened activity among retail traders. This renewed market interest signals potential upward momentum should SOL breach a critical resistance level.
Market data reveals substantial accumulation by a major investor, identified by the movement of 71,000 SOL tokens (valued at roughly $12 million) into the Kamino protocol for yield generation. This move is interpreted as a strong signal of confidence in holding the asset for returns.
Concurrently, retail investor participation strengthened, with the Buy-Sell Delta metric recording positive values for three consecutive days. This consistent trend points to aggressive buying pressure from smaller investors entering the market.
Further supporting bullish sentiment, Solana’s Netflow dipped into negative territory, reaching -$6.86 million. This metric indicates more tokens leaving exchanges than entering, typically reducing readily available supply and applying upward price pressure.
Futures market data reflects sustained demand, with over 79% of positions held long. Technical analysis highlights SOL testing the $172 resistance zone. A decisive breakout above this level is seen by traders as a potential catalyst for significant further gains.