Solana Whale Buying Spree Ignites Bullish Sentiment Amid Market Slump

Solana's price has been consolidating in the range of $104 to $105 after dropping from its peak at $110. The altcoin's trading volume has decreased by 64% to $1.8 billion, indicating reduced market activity.

Despite this weakness, a Solana whale returned after eight months of dormancy and bought 76,856 SOL worth $8 million from Hyperliquid. This trend of high net worth investors accumulating SOL has been observed since the altcoin crossed the $100 mark.

The exchange flows further confirm this accumulation spree, with Solana Spot Netflow dropping again to around -$4.5 million after rising to positive. Strong demand from high net worth investors has often preceded gains on Solana's price charts.