Phantom has expanded its utility beyond wallets with the acquisition of Solsniper, a memecoin and high-speed analysis platform based on Solana. This acquisition brings Phantom closer to becoming a comprehensive consumer financing hub with wallet tracking, token analysis, and instant execution.
The purchase also strengthens Solana's growing infrastructure for DeFi users and retail traders. This strategy comes at a time when user activity on Solana is increasing. Therefore, Phantom's shift in direction could drive greater interaction across the chain. These gains further complement the more bullish narrative, combining with technical and on-chain strength.
Lookonchain reported that a whale withdrew 71,000 SOL (valued at 12 million dollars) from Binance and transferred the altcoins to Kamino, a DeFi platform that generates yields. This significant outflow reflects growing investor confidence in self-custody and DeFi strategies.
Additionally, Coinglass analysis highlights a net outflow of 21.05 million on August 5, which correlates with overall patterns in foreign exchange reserve flows. These continuous outflows remove selling pressure in the market and are often interpreted as accumulation. If this behavior continues, it will strengthen support zones and create conditions for a strong bullish breakout.
The outlook for Solana's price is increasingly bullish. The influence of Phantom and its growth, as well as the abandonment of support from Binance by whales, creates an advantage for upward movement, with $158 and $166 as possible supports. If buyers surpass $189, a surge towards $206 and the target of $255.93 becomes more likely.
