Solana (SOL), the fourth-largest cryptocurrency by market capitalization, has paused after reaching its all-time high (ATH) of $263. However, large market players, known as whales, are actively accumulating the asset. According to data from Lookonchain, a single whale has acquired $60 million worth of SOL in the past month.

A 34% Rise Over the Past Month Despite Corrections

SOL has risen by 8% over the past week, even after undergoing a minor correction following its massive rally. Over the past 30 days, the price has climbed by an impressive 34%. Currently trading at approximately $241, SOL maintains its position above BNB and is closing in on Tether, despite a 32% drop in 24-hour trading volume to $3.76 billion.

Whales Purchasing SOL in Massive Volumes

According to Lookonchain, a whale represented by two interconnected wallets has accumulated over 250,000 SOL (worth $60 million) from the Kraken exchange over the past month. Meanwhile, another major entity linked to the Pump.fun project transferred 65,000 SOL (worth $15.23 million) to Kraken in a single day. This entity had previously deposited 798,869 SOL on the exchange, selling part of it for $21.64 million in USDC.

Solana’s On-Chain Activity Surges Amid Meme Coin Hype

On-chain data from Glassnode shows that November has been a record-breaking month for Solana. The number of active addresses peaked at nearly 24 million on November 19. This heightened activity is attributed to a surge in interest in meme coins and the overall revival of the Solana ecosystem.

However, according to DeFiLlama, Solana’s revenue dropped from $6.93 million on November 22 to $3.7 million by November 28. Conversely, the market capitalization of Solana-based stablecoins hit a record $4.6 billion, a level that has since remained stable.

Solana Surpasses Ethereum in DEX Volumes

On November 25, SOL’s monthly trading volume on decentralized exchanges (DEXs) surpassed $100 billion, nearly doubling Ethereum’s $55 billion during the same period. This highlights Solana’s growing dominance as a major player in the DeFi space.

Solana Eyes the Position of the Third-Largest Cryptocurrency

If SOL reaches $276, it could surpass Tether and become the third-largest cryptocurrency by market capitalization. Solana’s rapid growth continues to close the gap between it and the market leaders.

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