Solana Faces Massive Whale Accumulation as Bulls Pushes For ATH Retest

Key Insights:

• Four Solana whale wallets withdrew over 123,000 SOL from Binance and Kraken in one day.
• UpexiTreasury added 83,000 SOL, raising total holdings to 1.9 million in sustained institutional buyups.
• Solana led blockchain revenue rankings for the 18th straight week.

Lookonchian data shows that on July 28, whales withdrew over $23 million worth of Solana from exchanges.

Notably, this happened while treasury firms also increased their holdings.

The network topped blockchain revenue rankings again, and onchain activity remained strong. With the outlook, Solana price rose to $191.02, stirring hopes of a return to its all-time high.

Millions In Solana Withdrawn Amid Whales Buyups

It is worth noting that whales moved large amounts of Solana (SOL) off exchanges to start the week, in what appeared to be a sign of long-term confidence.

According to Lookonchain, four wallets have withdrawn a total of more than $23 million worth of SOL.

As detailed, wallet 7VbjYZ withdrew 58,700 SOL, worth approximately $11 million, from Binance 16 hours ago.

BnwZvG removed 38,000 SOL, valued at $7.3 million, from Binance within the past 5 hours.

Another wallet, 2AbHLS, withdrew 14,569 SOL, about $2.8 million, from Binance 2 hours earlier.

Meanwhile, KMhcqN pulled 12,000 SOL, worth $2.25 million, from Kraken roughly 14 hours ago.

It is essential to note that the treasury firm Upexi has also recently added to its SOL holdings.

According to the update, the firm bought 83,000 Solana, estimated at $16.7 million, pushing its total to 1.9 million SOL.

These combined purchases of the Proof of Stake (PoS) protocol showed growing interest in Solana from both individual and institutional players that may translate to price surge.

In complement to the acquisition update, community media hub SolanaFloor reported that Solana had led all Layer 1 and Layer 2 blockchains in revenue for eighteen straight weeks.

A chart shared in the post showed that Solana’s transaction fees remained higher than other major chains.

This trend contributed to the growing sense of bullish momentum behind the network.

As of the writing this publication, SOL’s price climbed 2.41% in 24 hours, reaching $191.02.

Market cap rose by 2.03% to $102.43 billion, while trading volume jumped to $6.72 billion, an 88.57% increase.

Per market data, the fully diluted valuation stood at $115.45 billion.

Network Data Reflects Steady Growth and Usage

It is essential to note that Solana’s on-chain performance has continued to show strength.

Data from Blockworks indicated that the network collected $200.65 million in fees over the past week, with high transaction volumes maintained.

The movement of 14,569 SOL to one wallet reflected ongoing whale activity.

Other metrics, such as wallet usage and transaction speed, supported the view of a busy network with strong participation.

The volume-to-market-cap ratio stood at 6.5%, indicating a healthy level of trading activity to SOL’s size.

More importantly, this level of activity often signals broader interest among market participants.

Can Solana Price Reach a New High Like BNB?

In a separate development, BNB’s recent price jump to an all-time high of $859 has led to comparisons with Solana.

After rising to $191.02, with both market cap and trading volume increasing in a single day, the expectations that the momentum will be sustained remain high.

As reported, some market participants believe that Solana could be preparing for a similar move.

It is essential to add that the timing of whale withdrawals and treasury buys suggested strategic positioning.

While Solana’s price remained below its previous record, the buildup of activity pointed to growing attention.

Whether the cryptocurrency will retest its all-time high depends on continued demand, large-scale buying, and overall market conditions in the coming weeks.