Solana News Today: Solana's Whale and Institutional Accumulation Fuel 2.41% 24-Hour Gain as Market Cap Hits $102.43B

Solana’s blockchain network is experiencing a surge in large-scale accumulation by high-net-worth investors and institutional buyers, sparking renewed optimism about the cryptocurrency’s potential to retest its all-time high. According to on-chain data from Lookonchain, four major whale wallets withdrew over $23 million worth of Solana (SOL) from exchanges such as Binance and Kraken within a 24-hour period. This included significant transfers like 58,700 SOL ($11 million) from wallet 7VbjYZ and 38,000 SOL ($7.3 million) from wallet BnwZvG. These movements suggest strategic long-term positioning amid broader bullish sentiment [1].

The accumulation trend is supported by institutional activity, with the treasury firm Upexi recently adding 83,000 SOL ($16.7 million) to its holdings, raising its total stake to 1.9 million tokens. This follows Solana’s 18th consecutive week atop blockchain revenue rankings, driven by sustained high transaction fees and robust on-chain activity. Network data from Blockworks shows the platform generated $200.65 million in fees over the past week, outpacing competitors like Ethereum and Bitcoin in terms of usage [2].

The price action reinforces the bullish narrative. SOL climbed 2.41% in 24 hours to $191.02, with its market capitalization rising to $102.43 billion and trading volume surging 88.57% to $6.72 billion. The fully diluted valuation reached $115.45 billion, reflecting growing confidence in the asset’s utility and scalability. Analysts note that the combination of whale outflows and institutional buying could fuel further appreciation, particularly if on-chain demand remains strong [3].

Market comparisons to BNB’s recent all-time high of $859 have intensified, with some investors speculating that Solana could follow a similar trajectory. The timing of whale activity and treasury acquisitions aligns with strategic positioning ahead of potential price surges. However, the path to retesting the previous record high of $260 remains contingent on macroeconomic factors, including broader market conditions and regulatory developments.

Technical indicators also highlight key dynamics. The volume-to-market-cap ratio of 6.5% underscores healthy liquidity, while sustained transaction speeds and low fees position Solana as a competitive Layer 1 solution. Recent upgrades, such as block size enhancements, further strengthen its appeal for developers and enterprises. Analysts caution that while the current environment is conducive to bullish momentum, external shocks like a Fed rate hike or regulatory crackdowns could disrupt progress [4].

The interplay between Solana’s network upgrades and cross-chain capital flows suggests the platform is well-positioned to capitalize on heightened demand. However, institutional adoption trends for Ethereum and Bitcoin will remain critical. If Ethereum’s treasury race intensifies or Bitcoin consolidates gains, Solana could benefit from a more risk-on market. Conversely, a reversal in macroeconomic conditions could temper its ascent.

Sources:

[1] The Coin Republic. (2025, July 29). Solana Faces Massive Whale Accumulation as Bulls Pushes For ATH Retest. https://www.thecoinrepublic.com/2025/07/29/solana-faces-massive-whale-accumulation-as-bulls-pushes-for-ath-retest/

[2] CoinDesk. (2025, July 27). Ether Surges 4% as ETH Treasury Firm BitMine Steps Up Bid to Acquire 5% of Supply. https://www.coindesk.com/

[3] TradingView. (2025, July 27). Failure to Hold the Immediate Buyback Zone Opens the Door Toward the Strong Demand Zone. https://www.tradingview.com/symbols/BTCSOL_3JB8CL.USD/ideas/page-6/

[4] Bitget. (2025, July 24). Solana(SOL) Price Prediction. https://www.bitget.com/price/solana/price-prediction