Solana whale buys $8M in SOL as price eyes $110 reclaim

A Solana whale bought 76,856 SOL worth $8 million from Hyperliquid, part of $41.5 million in accumulation that lifted SOL to $105.04.

Lookonchain flagged the purchase on Aug. 30, noting wallet 6ESYXA returned after eight months of dormancy to buy from Hyperliquid. A day earlier, the on-chain tracker reported two whales buying $33.5 million worth of SOL.

Additional large outflows included 281,446 SOL ($29.68 million) from Binance and 37,272 SOL ($3.87 million) from Kraken, per Lookonchain. Solana spot ETFs recorded $138 million in net inflows over 10 days, AMBCrypto reported. SOL advanced 44.9 percent from its Aug. 14 close of $75.34 to $109.18 on Aug. 27 before easing below the $110-$111 peak.

SOL traded at $105.04 with a 24-hour volume of $1.88 billion and a market cap of $61.46 billion, up 1.19 percent. First support sits at $101.59; a clean break above $110-$111 would shift attention toward $115-$120.

Whale flows and open interest

Hyperliquid's SOL-USD perpetual contract carried $638.1 million in open interest, with total SOL futures exposure near $2.31 billion across tracked venues, per Coinlyze. Of 26 monitored wallets, 17 were long against nine short, with average leverage of 18.94 times for longs and 17.22 times for shorts. Funding hovered near zero, leaving crowded longs exposed to rapid liquidations if price breaks below support.

ETF inflows and supply cuts

Bitwise's Solana staking ETF (BSOL) reached $1 billion in assets under management, while validators approved faster SOL supply cuts. The combination of institutional inflows and reduced issuance supports the bullish case, though the $1,000 target cited by analyst curb remains speculative and depends on sustained demand.

Solana's next test is defending $101.59, then the $90 zone that holds the 20-day and 200-day moving averages. A confirmed break above $110 would open the path toward $115-$120, with whale accumulation and ETF flows determining whether the trend holds.

This article is for informational purposes only and does not constitute investment advice.