Solana surged 13%, exceeding the 200 USD mark as large investors ramped up purchases and Token buybacks skyrocketed, however the resistance level at 295 USD remains a crucial challenge for the next bullish trend.
The bullish momentum of Solana is supported by whale accumulation, with the total Token buyback across the ecosystem increasing by 158%, along with growing interest from international financial institutions.
MAIN CONTENT
Solana has risen above 200 USD and is approaching the historical resistance of 295 USD.
Whales and Token buyback activities play a role in driving the bullish trend.
The interest of financial institutions helps reinforce the long-term outlook for SOL.
What has caused Solana to surge strongly in the past 24 hours?
In the last 24 hours, Solana has surged 13% and has become a focal point in the cryptocurrency market thanks to impressive recovery signals, pushing the price above 200 USD once again.
This recovery of Solana aligns with previous forecasts about a potential 30% increase from the prior support level of 150 USD this month. Now, the resistance level at 295 USD — the historical peak — becomes the next target for SOL's price.
This growth attracts attention from both individual and institutional investors, creating new excitement in the market as positive factors converge simultaneously.
What resistance level awaits Solana ahead?
Although it has surpassed the 200 USD threshold, Solana currently faces resistance at 295 USD — the all-time high, which is a true test for the long-term bullish trend.
According to data from TradingView, this level has often been a strong selling point, blocking SOL's rise during previous major waves. Currently, maintaining cash inflow and sustaining large investor buying momentum will determine the ability to re-establish this record.
Market analysts assess that breaking through 295 USD will unlock new bullish potential for SOL, while also strengthening Solana's competitive position against its blockchain industry peers.
The role of whales: How are large investors accumulating Solana?
Whales — investors holding large volumes — are actively increasing their positions at the current price, reflecting confidence in SOL's potential for further price increases.
"The accumulation of large positions near the current price range indicates renewed confidence and serves as a solid market-leading factor in the next phase."
– CryptoQuant data, market report 2024
Analysis from AMBCrypto based on the average contract size index of CryptoQuant indicates that large buy orders occur regularly as the price approaches the 200 USD zone. Unlike bullish trends led by retail investors, whale accumulation often helps maintain a stronger trend.
The participation of whales is both a reinforcing factor for the bullish outlook and increases the likelihood of breaking through to new highs, especially when combined with fundamental drivers from the Solana ecosystem.
How has the Token buyback activity of projects in the Solana ecosystem impacted?
A prominent yet overlooked momentum is the Token buyback activity in Solana projects, with value increasing by 158% in the last two weeks, from 14.5 million USD to 46.8 million USD.
Reports from SolanaFloor indicate that currently, protocols within the Solana ecosystem account for about 40% of the total Token buyback volume in the cryptocurrency market, a significant increase from 11% in June of the same year.
This upward momentum not only reflects strong cash flow and internal economic activity but also helps sustain demand for SOL Tokens, reinforcing a long-term bullish foundation.
What interests do major financial institutions have in Solana?
Recently, interest from the institutional sector has increased significantly as VanEck filed to open a spot Solana ETF in the US, using the liquid staking Token JitoSOL as collateral.
"If approved, the Solana ETF could create large-scale access opportunities for institutional investors, thereby boosting liquidity and confidence in this ecosystem."
– VanEck report, June 2024
At the same time, there are reports that the European Union is considering adopting Solana along with Ethereum as the technical infrastructure for the digital euro in the upcoming proposal. If implemented, this would be a solid confirmation of Solana's position in contemporary finance.
These moves indicate that Solana is not only attractive to individual investors but also attracts large capital flows thanks to long-term growth drivers and widespread recognition from international organizations.
Can Solana break through the 295 USD resistance to establish a new record?
The bullish scenario for Solana is currently supported by several factors: whale accumulation, soaring Token buyback volumes, and sustained interest from major financial institutions.
However, the biggest barrier currently is the profit-taking pressure near the 295 USD level. Traders will pay attention to whether the bullish momentum is strong enough to break through or if short-term profit-taking will cause the price to pause.
With the current positive macro signals, the prospect of breaking through to new highs is deemed feasible, but consensus and strong cash flow are still needed to surpass this historical barrier.
Comparison table: The development of Token buybacks in Solana compared to the overall market.
Time Token buybacks on Solana projects (million USD) Percentage of Token buybacks from the Solana ecosystem in the total market (%) June 2024 14.5 11 July 2024 46.8 40
Frequently Asked Questions
What factors have strongly supported Solana's price increase recently?
The recent price increase of Solana is primarily due to whale accumulation, superior Token buyback volumes, and renewed interest from large institutional funds, as reported in real-world reports.
What is the next important resistance level for SOL?
The 295 USD level, Solana's historical peak, is the main resistance zone determining the next trend, requiring strong buying pressure to break through successfully.
How is the Token buyback activity in the Solana ecosystem growing?
In just two weeks, the total buyback value of Tokens in Solana projects increased by 158%, reaching 46.8 million USD, accounting for about 40% of the total market, according to SolanaFloor 2024.
What financial institution factors are supporting Solana?
VanEck has filed for a spot Solana ETF in the US and the EU considers Solana as the infrastructure for the digital euro, helping to bolster SOL's reputation.
How to identify the next trend for Solana?
Monitoring whale movements, Token buyback activities, and news from financial institutions will be crucial indicators guiding the next trend for SOL.
Source: https://tintucbitcoin.com/solana-dan-dau-mua-lai-sol-tang-manh/
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