Solana's SOL token jumped 8% in 24 hours and briefly topped $105 before settling near $104, its strongest level since early February. A return of large buyers is fueling the move, though not every trader is convinced the rally has further to run.
SOL briefly exceeded $105, its highest point since early February, before pulling back to trade around $104. That price marks a 42% gain over the past month.
ETF inflows and big buyers return
Part of the move tracks a broader market rebound tied to changing US monetary policy. But Solana has its own catalyst too: spot SOL ETFs have logged seven consecutive days of inflows, a streak last seen in May.
Large holders are also stepping back in. On-chain analytics platform Lookonchain said a trader who had been inactive for two years bought almost 96,000 SOL for nearly $10 million; the same trader had previously run two Solana swing trades, buying low and selling high both times for a combined $4.95 million profit.
Separately, X user Sweep said a whale opened a $14.8 million long position in Solana, adding that the investor had earlier made $1.1 million trading the asset with a 100% win rate.
Traders watch the $98 level
Reaction among traders has been largely bullish. According to X user Daan Crypto Trades: "Looking good as long as that $98 level is being held", framing that price as the line that would keep the rebound intact.
Some market participants remain more cautious, pointing to the possibility of steeper pullbacks even as the bullish case builds.
Source: CryptoPotato
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