Solana whale accumulate 7500 Sol tokens worth $1.57 million .

• A Solana whale accumulated 7500 SOL tokens worth $1.57 million over the past 24 hours.
• SOL surged by 27.05% over the past week.

After a decline, Solana [SOL] experienced a strong upswing over the past month. Now, for the first time since April, the altcoin has surpassed the $200 mark.

In fact, as of this writing, Solana was trading at $207. This marked a 27.05% increase in seven days with the altcoin gaining by 41.12% on monthly charts.

The recent uptrend has caused a widespread discussion on what are factors driving it. And according to Lookonchain, one of the factors driving the recent upsurge is increased whale activity.

Whales are accumulating Solana

Source: Lookonchain

According to Lookonchain, whales were actively accumulating SOL. Notably, one whale accumulated a total of 257599 tokens worth $54 million since the 22nd of October.

Also, over the past 24 hours, this whale had accumulated 7500 tokens worth $1.57 million.

Usually, increased whale accumulation reflects the market’s confidence in a crypto’s future value.

Impact on SOL’s charts?

According to AMBCrypto’s analysis, Solana was experiencing favorable market conditions at press time.

Source: Tradingview

This was evidenced by the fact that Solana’s Relative vigor Index (RVGI) line (green) was above its signal line.

This acts as a buy signal creating room for new buyers to enter the market, especially for long positions. A rising RVGI indicates a bullish momentum with increased buying pressure.

Read Solana’s [SOL] Price Prediction 2024–2025

This market phenomenon of increased buying activities is further supported by a rising On- Balance Volume (OBV), which surged from $64.8 million to $71.6 million.

When OBV rises, it suggests that buyers are more active, which often results in upward price movement. It shows that volume is supporting the price increase, which is a positive sign of a strong buying interest.