Solana price has factored in an additional 7.04% increase in the last 24 hours.
The cryptocurrency has seen several whale movements in the past few days. The crypto market has experienced quite a turnover in the past day. As the weekend approaches, Bitcoin has finished strong in its weekly trading cycle. The cryptocurrency is currently trading at the $101K level, bringing joy to investors as they raise speculations for the 2025 bull run. This has inadvertently wafted bullish winds up the altcoin sector as well.
Notably, Solana, one of the leading altcoins, has witnessed significant upward price movements recently. Sustaining its recent bullish movement, the SOL price factored in an additional 7.04% increase in the past day. This has aided the cryptocurrency in tightening its hold above the $200 level. Solana’s 24-hour price cycle began at a low of $198.66, after which the bullish signs pulled it significantly upwards. At the time of writing, the altcoin was trading at $216.88 according to CMC data. Zooming out, over the past week, Solana price shows records of an 11.06% increase.
This significant price increase has attracted attention from major whales. According to LookOnchain reports, in the past day, one particular whale, with the address – “Au1VJ,” spent 2.49M USDC to buy Solana on Binance. This whale has purchased 11,824 tokens of the altcoin. After this, he deposited them into Kamino for stablecoins. Moreover, this whale has also exhibited similar actions in the past.
Will Solana Price Live Up to Trader Expectations? When looking forward to the coming days, Solana price actions suggest the beginning of an ascending channel. This would mean that the cryptocurrency might follow up with further upward movements.
SOL/USDT Daily Price Chart (Source: TradingView)
Moreover, Solana price is currently experiencing a positive environment. This can be derived from its Moving Average Convergence Divergence (MACD) signal line that stands above the MACD line according to TradingView data. Secondly, its Chaikin Money Flow (CMF) indicator value stands at 0.13, highlighting the increasing capital flow into the asset. These aspects indicate that Solana price might experience bullish trends in the coming days.
Meanwhile, other altcoins such as Stellar and XRP have also shown upward movements in the last 24 hours. Highlighted Crypto News Today: Will LINK Sustain Its Momentum or Face a Pullback?