Posted: November 11, 2024

• A Solana whale accumulated 7500 SOL tokens worth $1.57 million over the past 24 hours.
• SOL surged by 27.05% over the past week.

After a decline, Solana [SOL] experienced a strong upswing over the past month. Now, for the first time since April, the altcoin has surpassed the $200 mark.

In fact, as of this writing, Solana was trading at $207. This marked a 27.05% increase in seven days with the altcoin gaining by 41.12% on monthly charts.

The recent uptrend has caused a widespread discussion on what are factors driving it. And according to Lookonchain, one of the factors driving the recent upsurge is increased whale activity.

Whales are accumulating Solana

According to Lookonchain, whales were actively accumulating SOL. Notably, one whale accumulated a total of 257599 tokens worth $54 million since the 22nd of October.

Also, over the past 24 hours, this whale had accumulated 7500 tokens worth $1.57 million.

Usually, increased whale accumulation reflects the market’s confidence in a crypto’s future value.

Impact on SOL’s charts?

According to AMBCrypto’s analysis, Solana was experiencing favorable market conditions at press time.

This was evidenced by the fact that Solana’s Relative vigor Index (RVGI) line (green) was above its signal line.

This acts as a buy signal creating room for new buyers to enter the market, especially for long positions. A rising RVGI indicates a bullish momentum with increased buying pressure.

Read Solana’s [SOL] Price Prediction 2024–2025

This market phenomenon of increased buying activities is further supported by a rising On- Balance Volume (OBV), which surged from $64.8 million to $71.6 million.

When OBV rises, it suggests that buyers are more active, which often results in upward price movement. It shows that volume is supporting the price increase, which is a positive sign of a strong buying interest.