Solana (SOL) surged over 6.5% to $93.71 on May 9, marking its highest level since March 18, amid increased whale activity and institutional interest. Trading volume jumped 20% to $5.12 billion, reflecting growing investor confidence. A notable transaction involved a crypto whale purchasing 67,648 SOL worth $6.23 million after a seven-month dormancy, according to Lookonchain.
Institutional demand is also evident, with U.S. spot SOL ETFs seeing $6.23 million in inflows on May 8, as reported by SoSoValue. CoinGlass data indicates significant leverage among traders, with major liquidation levels at $90.70 and $94.50. The SOL daily chart suggests a bullish trend, but a key resistance at $97.40 could determine future price movements. A close above this level might lead to a 21% surge, potentially reaching $118.
Solana Rises 6.5% as Whale Activity and ETF Inflows Boost Market Confidence
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