Solana reached a new high on Friday, once again capturing the attention of market participants. Notably, amidst the significant accumulation by whales, SOL continues to rise. Now, due to the buying pressure that has emerged in the cryptocurrency bull market, market watchers expect further increases in the cryptocurrency's price in the future.

Solana sets a new high amid massive buying

According to Lookonchain data from November 22, as Solana reached new highs in its upward trend, whales continued to accumulate Solana. According to the data, in the past two days, a new wallet accumulated 42,443 SOL worth $11.14 million from Binance. According to Solscan data, this accumulation was conducted by the wallet address 'Au1VJ…q8hF8'.

Meanwhile, another massive accumulation recorded in the past day has also tilted the asset's trend towards bullish. Lookonchain revealed that a whale acquired 100,000 SOL worth $23.86 million in the past two days and has staked it. Notably, Solscan data shows that this whale's address is 7L1HBfMH.., and the total SOL holdings of this whale amount to $55.58 million.

Overall, these accumulations highlight the increasing buying pressure for the asset, sparking great optimism in the market regarding future price movements. As a backdrop, the accumulation by large-scale investors indicates an enhanced confidence in the asset's future profit potential.

Moreover, as the likelihood of a Solana ETF listing skyrockets, market sentiment remains very optimistic about one of the leading cryptocurrencies by market capitalization. A recent report by CoinGape Media further indicates that the U.S. Securities and Exchange Commission has begun discussions with SOL ETF issuers regarding the submitted S-1 registration statements. Additionally, Bitwise has recently also applied for a Solana ETF, further fueling market interest.

Coin price Gians 8% breaks ATH

The SOL price rose 8% during today's trading session, and as of the time of this writing, the trading price is $262.51. The token's 24-hour low was $237.33, while the current price level has reached a new high. Notably, the weekly chart shows a 26% increase for the token, followed by a 59% increase on a monthly basis. As indicated by the aforementioned whale transactions, this bullish trend aligns with the significant buying pressure for the asset.

At the same time, Coinglass data shows that the token's futures open interest surged 15% to $6.01 billion. Furthermore, derivative trading volume increased by 61% to $19.03 billion. Overall, this data indicates a growing interest in the asset from the market, further paving the way for optimistic future price movements.

Additionally, CoinGape Media's recent price analysis of Solana indicates that the token's target price is $5,000, as it has significantly risen from its lows in 2023. Given the above statistics, cryptocurrency market observers will continue to monitor the token for further changes in its price trend.