Solana, a prominent asset in the recent trading sessions, continues to gain traction and investor interest. The surge in popularity can be attributed to both the impressive price performance of SOL and a substantial increase in whale activity within the past 24 hours.
Surge in Solana’s Popularity
On September 9th, data from Santiment ranked Solana as the fourth most trending asset, showcasing a positive sentiment of over 65%. This positive sentiment extended into subsequent days, with SOL maintaining its position as the sixth most trending asset with a sentiment exceeding 63%.
Moreover, Solana’s social volume surged past 3%, indicating a significant presence in crypto discussions. The heightened positive sentiment and increased social activity hint at a growing interest from traders and investors, potentially driving further price movements.
Price Movements of Solana
An analysis of Solana’s daily price movements reveals a 3.81% increase in the last trading session, with SOL reaching $135. Despite a minor pullback to around $134 at the time of writing, Solana maintained its bullish momentum, signaling a potential shift in the price trend.
The Relative Strength Index (RSI) for Solana indicates a softening of bearish momentum, hinting at a possible price consolidation or uptrend in the near future.
Whale Engagement in Solana
Data from Solscan highlights a massive accumulation of Solana tokens by a single whale investor, acquiring approximately 170,666 SOL tokens valued at $23 million within 24 hours. Such substantial investments often signal confidence in the asset’s future performance, potentially fueling SOL’s upward trajectory.
This significant whale activity could be a pivotal factor influencing Solana’s recent surge as a trending asset, further solidifying its position in the cryptocurrency market.