Solana Whale Buying Boosts Price Above $100
The Solana (SOL) price has been holding above the $100 area, but it still needs to overcome several levels before a bullish case can be considered comfortable. A whale, identified as HURDw, has accumulated 285,503 SOL worth approximately $28.82 million over the past three weeks, which is notable buying activity.
This accumulation comes alongside news that Fundstrat may be pivoting from Ethereum (Ethereum) toward Solana, although this information doesn't confirm a completed shift. Another development involves the $11 million CHAD offering from DeFi Development Corp., which is described as the first SOL-backed digital credit instrument.
The chairman of Ethereum treasury firm BitMine participated in the offering, with proceeds set to buy SOL. This gives the market another reason to watch the token. However, whale purchases and treasury activity don't automatically guarantee a sustained rally.
Solana's real-world asset ecosystem has surpassed $4.35 billion in total value, reaching a new all-time high. The number of RWA holders has also crossed 420,000, setting another record for the ecosystem. These figures suggest that Solana's tokenized-asset activity is expanding.
The price eventually has to do the talking, and SOL is currently facing a crucial test at $100. If buyers can defend this level, the recovery could extend toward the middle band of a multi-month falling wedge near $130. A stronger breakout could then bring $150 into focus.