Solana, one of the leading blockchain platforms, has witnessed a significant price rally, propelling its native token SOL to a new all-time high (ATH) of $264.68.
This remarkable 65.35% increase in value has taken place over a relatively short period, from November 5 to November 24, 2024.
The primary drivers behind this surge are two-fold. First, there has been a noticeable increase in whale activity, with large holders accumulating more SOL tokens.
This activity indicates strong confidence among major investors about Solana’s future prospects.
Second, there is growing anticipation surrounding the potential approval of Solana-based Exchange-Traded Funds (ETFs) by major financial firms such as Bitwise and VanEck.
These ETFs are expected to bring more institutional investors into the Solana ecosystem, further boosting its price.
Market analysts are closely monitoring key support levels to predict whether Solana can sustain this momentum. While the current trend appears bullish, some experts caution that the market may see a pullback before any further upward movement.
The critical factor to watch will be how the market reacts to the impending ETF decisions and whether whale accumulation continues at the current pace.
As Solana pushes towards the $300 mark, investors and analysts alike are watching closely. The approval of Solana ETFs could be a game-changer, potentially driving the price even higher.
However, it’s essential to remain cautious and consider the inherent volatility in the cryptocurrency market. Continued whale activity and positive developments will be crucial in sustaining this upward trend.
