Solana News Today: Solana's $105M Whale Bet Challenges Bearish Signals as Institutions Weigh In

Solana (SOL) surged to $186 on November 2 as on-chain activity and institutional moves signaled growing optimism for the altcoin's near-term trajectory. A high-profile whale added 8,164.4 SOL to its long position, swelling its holdings to 569,050.58 SOL valued at approximately $105 million at current prices, according to a Coinotag report. This follows a broader trend of large liquidity holders increasing exposure to Solana, which has seen its price action target the $315 resistance zone—a key threshold for a potential breakout. The whale's strategy underscores confidence in Solana's technical resilience amid a mixed macro environment.

Institutional adoption further bolstered Solana's case. Reliance Global Group (Nasdaq: RELI) expanded its digital asset reserve by acquiring SOL, aligning with its strategy to diversify risk and enhance liquidity management. The firm's portfolio now includes Bitcoin, Ethereum, Cardano, and XRP, with Solana's high-throughput network and low fees making it an attractive addition, according to a CardanoFeed report. Analysts view this as a strategic move to capitalize on blockchain's growing role in enterprise infrastructure.

Despite bullish on-chain signals, Solana's price action revealed caution. The token formed a lower high, failing to reclaim prior peak levels, while its total value locked (TVL) remained steady at $11.06 billion, as detailed in a Crypto.news article. This divergence highlights a tug-of-war between bullish fundamentals and bearish sentiment. Meanwhile, Digitap, a crypto-native fintech startup, stole the spotlight with a $1 million presale surge, showcasing demand for real-world utility tokens; Crypto.news also covered Digitap's Visa-integrated platform, which enables instant global payments at under 1% fees and addresses pain points in traditional remittances.

The broader market context added nuance. Ethena (ENA), a synthetic dollar token, fell nearly 5% as DeFi TVL and open interest declined, reflecting a risk-off mood in an FXStreet analysis. This contrasted with Solana's relative strength, where whale activity and institutional inflows suggested a more balanced risk-on appetite. On-chain data indicated that Solana's $198.22 entry price for large holders—valued at $105 million—could serve as a psychological floor if volatility spikes, the Coinotag report noted.

Technical analysts pointed to the $315 zone as a critical target for Solana, with a breakout likely to trigger a retest of the $1,000 psychological level. However, Ethena's struggles and broader DeFi outflows reminded investors that macro risks, including regulatory uncertainty and a fragile risk-on environment, remain.