The Solana blockchain is witnessing heightened trading activity on major exchanges like Coinbase, Binance, Gate.io, and OKX. A deeper look into the trading patterns revealed that larger buyers are accumulating SOL, signaling a potentially bullish trend for the cryptocurrency. Coinact.gg, a platform that tracks real-time trading analysis, has spotted an alert for Solana called Major TWAP [Time-Weighted Average Price].
Major TWAP Detection alert on SOL. Larger buyers are accumulating SOL. Trading patterns have emerged across Coinbase, Binance, Gate_io, and okx. SOL markets during the last 15 min.: Coinbase, Binance, Gate, Okx: Binance Automated orders amount to $6,559,941.60 bought per hour.
This alert meant that a massive amount of SOL was being bought via an automated method that spread out the purchases over time without leaving much impact on the price due to the large buy order. At present, roughly $6.5 million worth of SOL is being purchased every hour. This move highlights the growing interest in the altcoin among larger investors.
The TWAP strategy, often initiated by high-profile investors like financial institutions, spreads large orders over a specific period to minimize market impact, The detection of such substantial TWAP activity suggests that these players are strategically increasing their SOL holdings, potentially in anticipation of future price increases.
While trading patterns via automated orders were executed across Coinbase, Binance, Gate.io, and OKX, the trading behavior on Binance was however marked with a red indicator compared to the other exchanges. This discrepancy could indicate a variety of market strategies or conditions specific to Binance.
Solana Surges 17% Amid Anticipation of Upcoming ETF Approvals
This comes amidst a growing interest in the Solana blockchain after SOL-focused exchange-traded funds [ETFs] inched closer to a potential launch date, with the final decision deadline anticipated around mid-March 2025. As reported by TronWeekly, the Chicago Board Options Exchange [CBOE] filed applications on July 8 to list ETFs proposed by VanEck and 21Shares, sparking interest and speculation in the cryptocurrency market.
The optimism surrounding the spot SOL ETF has turned traders and investors bullish. As per data, the leading altcoin has recorded double-digit growth [17%] in just two days, reclaiming the $140 level.
