Whale investors snapped up $35 million in Solana, driving the token to a new all-time high of $262. With growing excitement around a potential Solana ETF, analysts speculate that a climb to $5,000 might be on the horizon.

Whale Accumulations Push Solana to New Highs

As Solana continues its upward journey to a new ATH, whales are continuing to accumulate it, according to statistics from Lookonchain on November 22. Data shows that in the last two days, a new wallet has been adding 42,443 SOL, or $11.14 million, to its Binance balance. The wallet address "Au1VJ…q8hF8" is responsible for this buildup, according to Solscan's statistics.

Concurrently, the asset's pessimism has been bolstered by yet another large accumulation that occurred within the last day. According to Lookonchain, a whale staked 100K SOL, which is worth $23.86 million, over the past two days. Notably, the whale's address was 7L1HBfMH.., and its SOL holdings were $55.58 million, according to Solscan's data.

Institutional Buying Fuels Market Confidence

In sum, these accumulations gave rise to substantial market optimism over future price movements, highlighting the asset's heightened buying pressure. As background, the fact that institutional investors were piling up shares showed that the market was quite confident in the asset's future profitability.

One of the most valuable cryptocurrencies by market size is currently seeing extremely optimistic market sentiment, which is likely influenced by the rising likelihood of a Solana ETF.

SEC Engagement Boosts Solana ETF Prospects

According to a new report from CoinGape, the SEC has begun communicating with the SOL ETF issuers about the S-1 registration statements that have been filed. Additionally, Bitwise has recently applied for the Solana ETF, which has increased market interest even more.

At the time of writing, the price of SOL had increased by 8% intraday, and it was trading at $262.51. The current price is a new all-time high, while the coin's 24-hour low was $237.33. The coin's price pumped 26% on the weekly chart and then surged 59% on the monthly chart. This upward trend is consistent with the enormous buying demand on the asset, as demonstrated by the transactions made by the whales stated earlier.

Futures and Derivatives Data Signal Strong Interest

At the same time, information gathered by Coinglass showed that the coin's futures OI increased by 15%, reaching $6.01 billion. The volume of derivatives also increased, reaching $19.03 billion, a 61% increase. All things considered, this statistic pointed to a growing interest in the asset among market participants, which bodes well for its potential future price fluctuations.

Eyes on $5,000 as Market Awaits Next Moves

Additionally, according to CoinGape's most recent price research, Solana is targeting $5,000 in value after experiencing a substantial increase from its 2023 lows. In light of the data presented above, crypto market participants are keeping a close eye on the coin in anticipation of any additional price changes.

Additionally, market observers continue to be wary of potential dumps by Pump Fun, as the corporation has lately sold a large quantity of SOL, which has led to the coin trading close to its previous all-time high.