Solana Whale Accumulation Spikes Over The Roof, Will SOL Retest All-Time High This Month?

Solana’s skyrocketing inflows caught the eye of institutional investors looking to pour in funds as momentum mounts. This week, Solana led price gains among top assets after XRP’s growth stalled in the last 48 hours. SOL price upswing also impacted decentralized finance volumes as traders gear up for a bullish cycle above previous price caps.

Whales Mount Buying Pressure

This week, buying pressure on altcoins surged following Donald Trump’s inauguration and similar movements in Bitcoin (BTC). Solana topped the charts, taking over from XRP after marking 25% weekly inflows. Other assets trailed in the red zone at press time due to the last dip’s numbers.

On-chain data shows Solana whale accumulation spiked after the last price correction, with holders seeking to reposition assets. Last week, whale positions grew to 5,098 addresses as traders tip a massive price over $280. The altcoin remains an institutional favorite, drawing in these investors since the start of the year. With growing institutional demand, SOL prices stand a chance of seeing rapid growth similar to last year’s figures.

Solana DEX trading volumes topped $139.4 billion, generating huge fees, while stablecoin volumes hit $4.4 billion. A major factor for SOL price anticipation remains spot ETF applications. These investment windows could attract a new string of inflow to the network. Drawing inspiration from Bitcoin after the BTC price hit a new all-time high in Q1 2024, SOL traders project similar movements.

Last year, Bitcoin products became the most successful ETF, attracting billions of dollars to the market. Their inflows increased the price ranges, with the support setting the tone for a higher rally. After dominating financial narratives, the top crypto prices touched $107K last year, leading investors to Altcoin products.

Investors Rally Behind Altcoins

After the last Bitcoin rally, altcoins moved in the same direction, taking up a slight part of the market share. This scenario leads to an altcoin boom characterized by skyrocketed buying pressure for altcoins. Ethereum (ETH) price gained 2% with an uptick in whale holdings.  However, XRP inflows place it as the largest gainer this year after it outpaced USDT with a market cap above $178 billion. 

XRP’s gains follow anticipated positive rules and ETF applications. Crypto traders also turned demand to SOL, pitching a new price peak above $230 on the back of rising demand. Grayscale filed for spot Solana ETFs in the United States in a related development.