Solana Chases All-Time Highs With 8% Gain As Whale Deposits $39.85M SOL Into Binance

Solana SOL/USD is soaring with an 8% single-day gain off the back of continuing interest in Solana-based meme coins.

What Happened:  According to Lookonchain data, a Solana whale address “BU6N2Z…” deposited 200,000 SOL, worth $39.85 million, into Binance over the past two days. This movement took place just before Solana rallied to its all-time high levels.

The whale currently holds 1.6 million SOL, valued at $323 million. Of the total, 387,000 SOL remains in the wallet, while 1.23 million SOL is staked.

In the past 24 hours, Solana has traded 8.4% higher, contributing to its weekly gain of 40%. It is currently trading at $208, the highest since April 2021. Solana has also managed to secure the fourth position on the cryptocurrency board, with its valuation of $91.8 billion surpassing BNB’s valuation of $84.9 billion.

Solana’s 24-hour trading volume stands at $10.7 billion on Monday, driven by high interest in Solana meme coins like Bonk and Dogwifhat.

Also Read: ‘Solana Is The Ethereum Of The Last Cycle,’ Says Raoul Pal: SOL Up 11% In A Week

Why It Matters: According to DeFiLlama data, Solana's total value locked currently stands at $4.3 billion, a high last seen in March 2022. It has recorded 119% growth over the past month, with revenue surging to record levels.

Google’s weekly tracker for interest in the Solana blockchain shows a value of 100 for the week of March 17 to March 23, compared to 67 for the previous week.

This interest is directly proportional to the number of new and active addresses on the Solana network, which stand at 1.06 million and 1.4 million respectively, the highest levels since January 2021 and May 2022.

What’s Next: In his latest Solana thread, crypto writer Cyclop suggests that many Solana altcoins are poised for 100x gains this cycle, with eight altcoins having the potential to grow between 10x and 100x.

The list includes Dogwifhat, Jito Network, Jupiter Exchange, Pyth Network, Book Of Meme (BOME) and several others.