Solana whale buys $23 mln tokens: What it means for SOL

• A Solana whale has accumulated over 170,000 SOL in the last 24 hours.
• At press time, SOL was trading at around $134.

Solana [SOL] has been one of the top trending assets in the last trading session, and its momentum has continued into press time.

The trend was driven primarily by SOL’s price action and an observed significant whale accumulation within the past 24 hours.

Solana enters top-trending assets

According to data from Santiment, Solana was one of the top trending assets on the 9th of September, ranking as the fourth-highest trending asset.

However, by the end of the trading session, it had moved to sixth place. The data also revealed that Solana had a positive sentiment of over 65%, reflecting strong optimism surrounding the asset.

As of this writing, SOL continued to rank among the top trending assets, maintaining its sixth-place position with a positive sentiment of over 63%.

Additionally, its social volume has risen to over 3%, meaning that Solana took up more than 3% of the overall discussion in the crypto space.

The strong positive sentiment and increased social activity suggested that traders and investors were closely monitoring SOL, which could further fuel its price action.

Solana sees over 3% increase

AMBCrypto’s analysis of Solana’s price trend on a daily chart revealed why it is was one of the top trending assets. 

SOL experienced a 3.81% increase in the last trading session, settling in at $135 at press time. This marked the third consecutive day of price increases for Solana.

Source: TradingView

As of this writing, SOL is trading at around $134, reflecting a slight decline of less than 1%. This minor pullback follows the upward trend of the previous few days.

Despite the small decline, SOL remained in a bearish trend, although this bearish momentum appeared to be weakening.

Solana’s Relative Strength Index (RSI) analysis showed that it is approaching the neutral line, indicating that the asset’s bearish momentum is softening.

If the RSI continues to trend toward the neutral line, it could signal a potential shift or consolidation in the price trend. 

Whale snaps up more SOL

Data from Solscan revealed that a whale has been actively accumulating Solana over the past 24 hours. Notably, this whale address had acquired approximately 170,666 SOL tokens worth around $23 million. 

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Whale activity like this often signals confidence in future price movements, which may have contributed to SOL’s upward momentum.

This significant move might also have been one of the key factors driving Solana’s recent rise as a trending asset.