Solana surges by 13% in 24 hours, crossing the $200 mark. With whale accumulation, protocol buybacks up by 158%, and growing institutional interest, could SOL reclaim its near $295 all-time high?
Solana SOL has once again ranked among the top-performing altcoins, achieving an impressive 13% bounce in 24 hours. This SOL rally aligns with previous forecasts of a 30% increase from the $150 support level earlier this month. After breaking through the $200 resistance, the next crucial milestone for the altcoin will be reclaiming its all-time high near $295.
Analysis of CryptoQuant’s on-chain “Average Size of Futures Orders” data revealed that large investors have been consistently accumulating positions in Solana. This significant accumulation near current levels reflects renewed confidence in SOL’s potential to climb toward $295.
Unlike speculative movements fueled by retail investors, whale activity tends to support longer-term trends. This strengthens the argument that SOL could be poised for a new bullish phase.
One of the essential drivers of this rise lies in the Solana ecosystem itself. Weekly token buybacks on Solana-based projects have surged from $14.5 million to $46.8 million in just two weeks, representing a 158% increase.
According to SolanaFloor, Solana protocols now account for approximately 40% of all cryptocurrency project buybacks, up from just 11% in June. This growth demonstrates a flourishing economic activity on the network and, more importantly, a consistent demand for the SOL token.
The resurgence of institutional interest also plays a significant role. In the United States, VanEck has filed an application for a Solana ETF backed by the JitoSOL liquid staking token, an initiative that could provide broader exposure if approved.
Additionally, recent reports suggest that the European Union is considering using Solana, alongside Ethereum, as infrastructure for its future digital currency.
The bullish scenario for Solana is supported by whale accumulation, increased protocol activity, and growing institutional attention. However, as SOL approaches a significant resistance zone, traders will closely monitor whether momentum can propel the token toward $295 again—or if profit-taking will slow its progress.
Before that, SOL could encounter a liquidity zone and the upper band of its FBB between $212 and $223. A trend reversal should be monitored, especially if BTC fails to maintain $115,000, as it could seek the FVG at $113,000. Furthermore, a bearish RSI divergence is forming on the 6-hour chart. Caution is warranted in the short term.
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Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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