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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. This whale currently holds approximately 38,043 SOL staked, worth over $6.6 million. Additionally, wallets containing more than $5 million in SOL account for about 60% of the total supply, signaling significant confidence from large investors and indicating optimism about Solana's long-term growth.
Surge in Institutional Investments in dApps
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. 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 DeFi, which now stands at about $5.7 billion, making it the third-largest DeFi ecosystem.
Solana Outpaces 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, which emphasizes Solana's rising popularity and efficiency as a layer-1 blockchain.
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.
