Solana has shown resilience despite pressure from large sell-offs. On September 26, Whale Alert recorded a transfer of 500,000 SOL to Binance worth about $60.5 million at an average cost level of around $121. However, SOL closed with only a 0.3% decline and then rose by 0.4%, hovering around $120. This indicates the asset's ability to hold its position even with a large volume of sell supply.
The increase in long positions by whales on Bitfinex also indicates heightened activity. Over the past two weeks, Solana ETFs have purchased 2.32 million SOL for about $278 million, increasing total assets under management to $2.283 billion. According to DeFiLlama data, the total volume of stablecoins on Solana has grown by more than 5% over the week, adding over $800 million in liquidity to the network and bringing the stablecoin market capitalization to a new record above $17 billion.
Another factor has been the expansion of global liquidity. The total money supply has reached a new high of $103.66 trillion. In August, the Fed, ECB, Bank of Japan, and People's Bank of China added about $1 trillion, marking the tenth consecutive month of increase in global money supply. These processes may influence conditions for various asset classes as the fourth quarter approaches.
Thus, the combination of rising liquidity, demand from large holders, and inflows into ETFs creates a notable set of factors around Solana amid its sustained resilience in the short-term structure.
Related articles
