Solana knack 40% of Buybacks, Whales dey carry SOL go $295
Solana (SOL) rally 13% for 24 hours, clear di $200 mark because whales still dey accumulate more and ecosystem buybacks don reach record high. Data from CryptoQuant show big investors dey steadily add their SOL positions, while weekly protocol buybacks jump 158% from $14.5 million to $46.8 million for two weeks. Solana projects now dey make up 40% of all crypto token buybacks, up from 11% for June, meaning say economic activity dey grow and demand for SOL still dey strong. Institutional interest dey rise too: VanEck don file for US spot SOL ETF wey JitoSOL back, and EU dey consider Solana along Ethereum (ETH) for their digital euro plan. With all these things, traders dey eye next strong resistance near all-time high at $295. Even though momentum and institutional signals show say bullish trend fit happen, some profit-taking around key levels fit cause short-term wahala.
Bullish
Di news highlight plenty correct reason why SOL fit dey bullish: whales dem dey still dey build their stash, protocol buybacks don jump 158% wey dey cover 40% market buybacks, plus institutions don begin show more interest through spot ETF filing and EU digital euro plans. History don show say when big big holders buy, e fit make trend strong wella, like when dem push SOL pass $100 for June. Protocol buybacks don always help maintain price floor during rallies, e dey reduce sell pressure and boost confidence. ETF applications dey attract fresh capital usually, and EU infrastructure plans dey show say the level of respect for SOL dey rise. For short term, momentum fit carry SOL near $295 all-time high, but traders make dem dey check well for profit-taking for key levels. Long term, more institutions fit adopt am plus steady demand for the ecosystem fit support more price gain and less wahala with volatility.