Solana News Today: Whales Add $5M to Solana as Meme Coins Surge 35%–107% on x402 Rally

Solana Meme Coin Activity and Market Analysis

Solana's on-chain meme coin activity has exploded this week, with PIPPIN up nearly 35% over 24 hours as traders flock to the network. The rally is part of a broader resurgence in x402-themed tokens, led by PayAI's 107% jump and PING's 77% rebound. Analysts are watching closely as Solana continues to show its appeal for meme and experimental tokens.

The price action is happening against a backdrop of $90 million in long positions at risk of liquidation as SOL dips toward $123.30. Shorts dominate at $204 million above $129.50, suggesting a bearish short-term outlook. Meanwhile, a whale added $5 million in SOL near the $120 support, signaling growing accumulation.

A major whale, identified as wallet G6gemN, recently bought 41,000 SOL for $5 million, reinforcing Solana's appeal as a buying opportunity. The same whale had previously purchased 24,528 SOL and sold it for a $1.28 million profit. This activity has drawn attention from traders, who see it as a sign of confidence amid broader market volatility.

Rising Meme Coin Momentum

Meme coins on Solana have surged in recent days, with PIPPIN leading the charge. According to monitoring data, PIPPIN rose 35.5% in 24 hours, reaching a market cap of approximately $486 million. ACT, WhiteWhale, and snowball also posted gains of 14.1%, 20.9%, and 51.6%, respectively. The rapid price swings highlight the speculative nature of the Solana meme market, where sentiment and hype can drive sharp moves.

The x402 concept has been a major catalyst. PayAI's 107% gain and PING's 77% surge have drawn attention to the theme, which is being actively promoted by Solana's official channels. The x402 narrative is still evolving, and analysts caution that liquidity in these tokens remains unpredictable.

Accumulation and Institutional Interest

Despite the short-term volatility, Solana shows signs of long-term strength. Over $8.77 million in SOL has moved out of exchanges to personal wallets, suggesting accumulation. This aligns with consistent inflows into U.S. spot ETFs since December 4, signaling growing institutional interest. The outflow reduces available supply on exchanges, potentially stabilizing prices during downturns.

The whale activity further underscores Solana's appeal. With SOL dipping near $120, large investors are stepping in, adding to positions at key support levels. This behavior often signals confidence in the asset's long-term value and hints at potential buying pressure.

Legal and Market Risks

The bullish momentum is not without risk. A lawsuit alleging a "rigged casino" involving Solana, Pump.fun, and Jito has raised concerns about market manipulation. The case, backed by over 5,000 private messages, claims that the platforms favored insiders at the expense of retail investors. If proven, the case could disrupt the ecosystem and introduce regulatory scrutiny.

Legal developments could impact Solana's reputation and influence trader behavior. While the network continues to attract innovation and capital, the lawsuit highlights the volatility and regulatory challenges inherent in crypto markets.

What This Means for Investors

For investors, the combination of short-term volatility and long-term accumulation creates a nuanced picture. Meme coins on Solana offer high returns but also significant risk due to their reliance on sentiment. Whale activity and ETF inflows, on the other hand, suggest that Solana's core network is gaining traction.

Traders should monitor key levels like $123.50 support and $128.23 resistance as well as on-chain metrics like open interest and funding rates. These indicators can provide insight into market direction and liquidity.

Retail investors are advised to approach meme tokens with caution, given their speculative nature and limited fundamentals. However, those with a longer-term view may see value in Solana's ecosystem, particularly as institutional adoption and RWA growth continue to expand.