Whales Demonstrate Confidence in Solana

A notable whale recently withdrew 206,111 SOL, valued at around $36 million, from Binance to stake in a personal wallet, reflecting strong interest in the asset and a bullish sentiment.

Whales Show Confidence in Solana with Large Stakes, Institutional Investments Boost dApps, Surpassing Ethereum in Daily Fees

A whale recently withdrew 206,111 SOL, valued at around $36 million at the time of writing, from Binance to stake in a personal wallet, according to data from Solscan. This whale currently holds approximately 38,043 SOL staked, which is worth over $6.6 million.

In the third quarter of 2024, institutional investments in Solana's decentralized applications (dApps) reached $173 million, a 54% rise from the previous quarter and the highest level since Q2 2022, according to a report by Footprint Analytics. During this period, 29 dApps secured funding, demonstrating renewed interest in Solana despite a decrease in the overall number of funding rounds. This growth in investment highlights increasing confidence in Solana's capabilities, supported by a 26% rise in its total value locked (TVL) in decentralized finance (DeFi) to about $5.7 billion, making it the third-largest DeFi ecosystem.

Solana Surpasses Ethereum in Daily Fees

On October 28, 2024, Solana surpassed Ethereum in daily fees generated, earning over $2.54 million compared to Ethereum's $2.07 million, according to data from Blockscan. This metric emphasizes Solana's rising popularity and efficiency as a layer-1 blockchain, with its low transaction costs and fast processing speeds attracting users and developers.

SOLUSD daily chart. Source: TokenPost

SOLUSD pared most of its gains after hitting a multi-month high $183.92 and is trading around $164.27. The near-term support is around $156 and any violation below that could target $145/ $127, $120, or $110.

For traders, watching the near-term resistance at $175 is crucial; breaking through this level could lead to further price increases to$185/ $200 or even $229. Buying on dips around 160 with a stop-loss at 140 and a target price of $200 is a solid strategy.