**Solana (SOL) Price Action: Upside Potential Amid Rising Whale and ETF Activity**
Solana (SOL) demonstrated some upside in the first half of this week, although prevailing market uncertainty continued to temper gains. A closer look at recent cryptocurrency developments suggests that the prospects for further price appreciation could be rising in the days ahead.
**Whale Activity Drives SOL Uptick**
A significant factor behind the recent uptick in SOL’s price has been the activity of large investors, commonly referred to as whales. Data from Coinglass highlighted increased whale activity around Solana since Monday. Over the past three days, the cryptocurrency averaged approximately $26 million in net spot inflows from the whale cohort across major exchanges such as Binance, OKX, and Coinbase.
Additionally, whales executed over $457 million in long positions on Binance and OKX within the same period. This uptick is notable, as whale demand plays a critical role in shaping price movements. Recently, whale demand had remained subdued while prices declined. The current shift to overall positive flows may suggest that the recent dip made SOL attractive enough for whales to bet on a potential recovery.
However, it’s important to note that the resurgence in whale demand is still relatively modest and aligns with the generally cautious market sentiment.
**Solana ETF Flows Signal Confidence**
Solana ETFs have presented another bright spot for the cryptocurrency over the last two weeks. Not only did Solana receive two approvals for staking SOL ETFs, but these ETFs have also maintained positive net flows ever since their launch toward the end of October.
As of now, Grayscale and Bitwise Solana ETFs collectively hold around $351 million worth of SOL. Impressively, Solana’s ETFs have not experienced a single day of negative flows since their debut, even as both Bitcoin and Ethereum ETFs saw net outflows on multiple days.
While there are some signs that demand for Solana ETFs may be cooling slightly, daily flows have remained positive. The resiliency of these flows is particularly noteworthy during the last two weeks, which saw mostly bearish market conditions. With SOL bears easing their pressure over the past seven days, it remains to be seen how institutional demand will evolve if Solana enters a bullish recovery phase.
**SoFi Bank Supports Retail Flows into SOL**
Beyond institutional activity, retail investors have also received encouraging news. U.S.-based SoFi Bank recently announced that it will begin supporting crypto trading services. According to Solana’s official account on X (formerly Twitter), SoFi has become the first bank to facilitate access to SOL directly through user checking accounts.
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With both whale and institutional activity showing positive signs and new avenues for retail participation opening up, the outlook for Solana may be turning increasingly optimistic. Still, investors should remain mindful of broader market sentiment as they weigh the potential for further upside.
https://bitcoinethereumnews.com/finance/solana-price-bullish-prospects-improve-as-whales-show-signs-of-accumulation/