- The market analyst notes that the decision of the “whales” to buy 28,717 SOL was motivated by the bullish accumulation phase.
- Net exchange flow data for SOL also signaled a bullish trend, suggesting increased investor confidence.
Solana (SOL) maintained its bullish trajectory on the daily and weekly charts, registering price gains of 2.10% and 11.97%, respectively.
This strong price action, coupled with proactive whale staking and technical formations, suggests that Solana is poised for a notable price rally in the coming trading days.
SOL staking could boost market rally
New Lookonchain information reveal that a whale recently purchased and staked a substantial amount of Solana (SOL), totaling 28,717 units worth $4.56 million.
Source: X
Staking involves whales locking their SOL into a wallet to support the operations and security of the Solana blockchain network. This activity not only allows them to earn rewards, usually in the form of additional SOL tokens, but also to demonstrate increasing confidence in the market.
Such major actions – buying and then staking cryptocurrencies – suggest that whales are optimistic about the future of the market, effectively reducing the circulating supply of SOL and potentially leading to a market recovery.
A SOL rally expected on the horizon
Crypto analyst Ali believes that the recent SOL price accumulation phase has significantly influenced whales’ investment decisions.
An accumulation phase is a strategic market period in which investors systematically buy assets – SOL in this case – particularly when prices are low, with the aim of building a substantial position ahead of an expected price increase.
According to Ali’s analysisAs SOL comes out of this accumulation phase, it is poised for a huge price surge, potentially rising by 33.15% and returning to trading above $200 in the near future.
Source: X
AMBCrypto has identified recent market activity that is consistent with the expected upward trend.
New bullish signals emerge
A detailed analysis of exchange netflow – a metric of cryptocurrency trading that measures the difference between the volume of cryptocurrencies entering and leaving exchanges – indicates a bullish outlook for SOL.
According to CoinglassSOL’s net exchange flow has been negative by $14.62 over the past 24 hours. Further investigation by AMBCrypto reveals that since July 22, the exchange flow has been consistently negative, indicating a steady decline in SOL availability on exchanges.
Source: Coinglass
This pattern suggests increased buying pressure as more cryptocurrencies are withdrawn than deposited.
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Additionally, the open interest (OI) for SOL has been steadily increasing, indicating that trading activity and retail trader interest is on the rise.
If this uptrend continues, SO is expected to reach new highs, and this may be further accelerated by external factors such as a decline in Bitcoin dominance.
