Buckle up! Solana, the crown jewel of altcoins, surged 13% in 24 hours and surpassed the $200 mark. But the big question is whether it has the fuel to continue to $295, its all-time high. And this is where things get interesting.
Imagine the "whales" of Solana, those big investors with fat wallets, buying as if there were no tomorrow. 🐳 According to the data, they are accumulating nonstop, showing a confidence we haven't seen in a while. This is key because unlike the small purchases of ordinary people, when whales move, the trend holds. This could be the push needed for the next level!
But watch out, it's not just because of the whales. Within Solana's own ecosystem, something brutal is happening. Projects are buying back their own tokens at an astonishing rate. From $14.5 million, they jumped to $46.8 million in just two weeks. A growth of 158%! 🤯 Now, Solana represents 40% of all crypto project buybacks, whereas in June it was only 11%. This means there is real and strong demand returning to the network.
And as if that weren't enough, institutions are also joining the party. 🏦 A giant like VanEck has requested permission to launch a Solana ETF (an investment fund) in the U.S., which would open the door to many investors. And if that wasn't enough, the European Union is considering using Solana as infrastructure for its digital euro.
So, while the whales, network projects, and institutions come to an agreement, the path to $295 seems clear. But the road is not easy, and the big question is whether this momentum will withstand the pressure or if investors will start selling to take profits.
The fate of Solana is about to be defined! Are we about to witness a new all-time high or the beginning of profit-taking? Only time will tell.$SOL
