Solana Price Rises Amid Record Network Activity and Whales' Caution

Solana's price has been steadily increasing since August 18, breaking above a steep ascending trendline and pushing into a resistance zone between $98 and $100. The current price is $101.36, with the Parabolic SAR sitting well below at $94.16, keeping the short-term trend bullish. However, the rising wedge pattern indicates that either a breakout or a sharper pullback is likely coming.

Record network activity and strong ETF demand support the bullish case, but a notable whale exit adds a note of caution. The whale in question unstaked over 40,000 SOL, realizing a $3.3 million loss, even as trading volume surged to $88.5 million per hour and funding rates climbed.

The Solana ETF, BSOL, recorded its highest trading volume ever on August 24, surpassing $108 million in a single day, according to SolanaFloor. Over $261 million has traded across the fund in the past four sessions combined, reflecting a sharp pickup in investor interest.