Solana Captures 40% of Buybacks, Whales Drive SOL to $295
Solana (SOL) rallied 13% in 24 hours, clearing the $200 mark on renewed whale accumulation and record ecosystem buybacks. Data from CryptoQuant shows large investors steadily adding SOL positions, while weekly protocol buybacks jumped 158% from $14.5 million to $46.8 million in two weeks. Solana-based projects now account for 40% of all crypto token buybacks, up from 11% in June, reflecting growing economic activity and sustained demand for SOL. Institutional interest is also on the rise: VanEck has filed for a U.S. spot SOL ETF backed by JitoSOL, and the EU is reportedly considering Solana alongside Ethereum (ETH) for its digital euro infrastructure. With these drivers in play, traders are eyeing the next major resistance at the all-time high near $295. While momentum and institutional signals suggest a bullish outlook, profit-taking around key levels could introduce short-term volatility.
Bullish
The news highlights multiple bullish drivers for SOL: sustained whale accumulation, a 158% surge in protocol buybacks capturing 40% of market buybacks, and growing institutional interest via a spot ETF filing and EU digital euro plans. Historically, whale-led buying supports stronger trend persistence, as seen when large holders drove SOL past $100 in June. Protocol buybacks have provided price floors in past rallies, reducing sell-pressure and boosting confidence. ETF applications typically attract fresh capital, and EU infrastructure plans echo increased legitimacy. In the short term, momentum could carry SOL toward the $295 all-time high, though traders should watch for profit-taking at key levels. Over the long term, deeper institutional adoption and continued ecosystem demand may underpin further upside and reduced volatility.