Solana (SOL) recently hit a new all-time high (ATH) due to increased buying pressure from large-scale investors. Data from Lookonchain shows that a wallet address bought 42,443 SOL, worth $11.14 million, while another address accumulated 100K SOL, worth $23.86 million, and staked it. This buying pressure has led to increased market optimism for future price movements and a highly bullish market sentiment for SOL.
Several factors are contributing to SOL’s bullish momentum, including the possibility of a Solana ETF. Recently, the SEC began engaging with SOL ETF issuers, and Bitwise has also filed for a Solana ETF. Despite the ongoing SEC review of cryptocurrency ETFs, Solana’s recent price movements signal growing interest in the asset.
SOL’s price today witnessed gains worth 8%, breaking its previous ATH of $258.21 and trading at $262.51. The coin’s weekly chart illustrates a 26% pump, followed by a monthly upswing of 59%. Furthermore, the coin’s futures open interest surged 15% to $6.01 billion, and the derivatives volume noted a 61% uptick to $19.03 billion.
CoinGape Media’s price analysis suggests that SOL could reach a $5,000 price target as it has already noted significant growth from its 2023 lows. Overall, the market watchers are closely monitoring SOL for further price action shifts as the asset continues to gain traction in the crypto market.
