Solana price has signaled a potential bullish rebound in the near term after Bitcoin (BTC) price rallied above $57K in the past 24 hours.
Solana (SOL) SOL $119.9 24h volatility: 5.6% Market cap: $61.42 B Vol. 24h: $5.77 B , a tip-tier layer one (L1) blockchain with a vibrant online community of users and developers, has registered a notable spike in whales’ demand in the recent past. The large-cap altcoin has attracted notable attention from speculative traders, catalyzed by its impressive growth in the meme coin space.
Additionally, the Solana network has been favored by institutional investors seeking to tokenize real-world assets including bonds, stablecoins, and real estate.
Solana Whales on a Buying Spree
Despite the recent bearish crypto sentiments, on-chain data analysis shows that whale investors have been busy accumulating more Solana coins. While Bitcoin and Ethereum investment products registered notable cash outflows last week, CoinShares’ weekly report shows that Solana registered the highest amount of cash inflow of around $6.2 million.
A whale bought 34,807 $SOL($4.52M) again 12 hours ago!
Since Feb 7, this whale has withdrawn 206,951 $SOL($29.3M) from #Binance and #MEXC at an average price of $142 and staked 115,135 $SOL($15.3M).https://t.co/rnrXRXmNkB pic.twitter.com/Ce6DqyVvvQ
— Lookonchain (@lookonchain) September 10, 2024
Meanwhile, on-chain data analysis provided by Lookonchain shows that a whale purchased 34K SOL units, worth about $4.5 million in the past 24 hours. Interestingly, the whale investor has accumulated over 206K SOL units, worth about $29 million, since the beginning of this year.
Amid the notable spike in stablecoins supply on crypto exchanges in the past 24 hours, the overall demand for SOL could continue to rise in the near term, thus resulting in further bullish rebound.
SOL Price Signals Potential Bullish Rebound Ahead
Solana price has established a solid support level around $122, after retesting the area and rebounding several times since the beginning of this year. As a result, Solana’s price has instilled confidence in the long-term buyers that a rebound will eventually prevail and rally toward an all-time high.
From a technical standpoint, Solana’s price has been forming a macro descending triangle, which is often followed by a bullish rebound. Furthermore, tomorrow’s US CPI data will provide clarity on whether the Fed will imitate the much-anticipated interest rate cut on September 18, ahead of the upcoming general election.
However, the SOL price bullish sentiments could be invalidated if the altcoin consistently closes below $120 in the coming weeks.
Ecosystem Outlook
The Solana network has grown to a top-tier web3 ecosystem, with over $4.7 billion in total value locked (TVL) and around $4 billion in stablecoins market cap. In the past 24 hours, the Solana network registered a total of around 5.4 million unique active addresses.
The Solana network has significantly been bolstered by its rising meme coin space, which had a market cap of around $6.3 billion and a daily traded volume of about $1.46 billion. Some of the top-performing meme coins on the Solana network include dogwifhat (WIF) WIF $0.38 24h volatility: 12.1% Market cap: $373.59 M Vol. 24h: $273.03 M , Bonk (BONK) BONK $0.000011 24h volatility: 12.9% Market cap: $849.31 M Vol. 24h: $243.11 M , and Popcat (POPCAT) POPCAT $0.16 24h volatility: 16.2% Market cap: $160.22 M Vol. 24h: $64.13 M .
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