Solana Rockets Past $105 as Dormant Trader Returns With $10M Purchase
Solana's price surged past $105 on August 28, marking a 42% gain in the last month. This rally comes as institutional investors continue to pour money into spot Solana exchange-traded funds (ETFs), with net inflows recorded for seven consecutive trading days.
A trader who had been inactive for two years returned to the market with a purchase of nearly $10 million worth of SOL, sparking speculation about what large players might see in the current setup. This whale activity is part of a larger trend, as another investor opened a long position worth approximately $14.8 million on Solana.
The technical landscape suggests caution, however, with momentum indicators showing overbought conditions. The key support zone on a pullback sits around $82-$85, an area that previously acted as resistance before SOL broke higher.