2024

Solana

Zero

Solana (SOL), the fourth biggest cryptocurrency by market cap, took a halt after rallying to an all-time high (ATH) of $263. However, it seems like the crypto whales are not holding back. Data from Lookonchain shows that a whale scooped $60 million worth of SOL over the past month. 
The SOL price took a hit of around 8% in the last seven days, dealing with a mild correction after a massive rally that saw the asset breakthrough 2021’s all-time high price. The cumulative Solana ecosystem market cap surged past $342 billion as Pump.fun and newly SOL-based meme coins gained prominence. 
<h3 id="span-style-font-weight-400-whale-scoops-250k-solana-worth-about-60-million-in-the-last-month-span">Whale scoops 250K Solana worth about $60 million in the last month</h3> 
SOL’s recent price action has attracted whales that have begun accumulating SOL. As per the data shared by Lookonchain, 2 wallets believed to belong to a single holder have accumulated more than 250K Solana coins (approx worth $60 million) from Kraken in the last month.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Whales are accumulating <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$SOL</a>! 
 2 wallets(likely belonging to the same person) have withdrawn 250,109 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$SOL</a>($60M) from <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Kraken</a> in the past month.<a href="https://t.co/0pPszppckm" rel="nofollow" target="_blank">https://t.co/0pPszppckm</a><a href="https://t.co/uiWofyuKCc" rel="nofollow" target="_blank">https://t.co/uiWofyuKCc</a> <a href="https://t.co/6UpBf7f99X" rel="nofollow" target="_blank">pic.twitter.com/6UpBf7f99X</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1862322538854129779?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">November 29, 2024</a>
</blockquote> 
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Despite the recent drop, SOL’s price has risen by a whopping 34% in the past 30 days. According to data from crypto data aggregator CoinMarketCap, SOL is trading at an average price of $241.31 at press time. Its 24-hour trading volume has dipped by 32% and currently sits at $3.76 billion. The token went on to hit the ATH of $263.83 on November 23, asserting its position above BNB and inching closer towards Tether. 
Pump.fun, on the other hand, is on a depositing spree;&nbsp;<a href="https://x.com/lookonchain/status/1862311008414703963" target="_blank" rel="noopener nofollow">data</a> shows that the linked wallet again dumped 65,000 SOL (approximately worth $15.23 million) to the crypto exchange Kraken yesterday. So far, Pumpfun has deposited 798,869 Sol worth about 154 million to the Kraken crypto exchange and sold 264,373 SOL for 21.64 million USDC. 
<h3 id="span-style-font-weight-400-solana-s-on-chain-activity-intensifies-amid-an-ongoing-memecoin-frenzy-span">Solana’s on chain activity intensifies amid an ongoing memecoin frenzy</h3> 
Data from Glassnode also shows Solana’s onchain metrics have increased significantly in November. Solana’s active address count also hit a record high of nearly 24 million on November 19th. 
Solana has registered increased on-chain activity in the last few months. The activity is mostly credited to Trump’s victory in the U.S. elections held on November 5th, as well as a resurgence in memecoins based on the Solana ecosystem.&nbsp; 
According to <a href="https://defillama.com/chain/Solana?chainTokenVolume=false&amp;tvl=false&amp;revenue=true&amp;stables=true" rel="nofollow noopener" target="_blank">data</a> from Defillama, Solana’s revenue has declined to $3.7 million as of November 28th from $6.93 million recorded on November 22nd when SOL achieved its new ATH.&nbsp; 
Solana’s stablecoin market cap also rose to an all-time high of $4.6 billion on November 22nd and has largely remained unchanged since then. Solana also recently clocked a new record in volume traded on decentralized exchanges.&nbsp; 
On November 25th, SOL’s monthly trade volume on DEXs surpassed the $100 billion mark. The figure outperformed the $55 billion recorded on Ethereum, the largest smart contracting platform in DeFi. Solana’s recent rapid ascent is narrowing the gap with Tether. By reaching $276, SOL may overtake Tether to become the third-largest cryptocurrency by market cap. 
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Solana whales are still accumulating $SOL

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