A recent investment of $8 million by a Solana whale could be a turning point for the altcoin's price. According to data from Onchain Lens, the whale deposited $4.1 million into HyperLiquid and opened a long position valued at $8 million. This significant investment indicates a shift in investor confidence, particularly among large market participants.
The Solana market has been experiencing strong momentum, with the altcoin trading steadily above $80 for over a month. As of now, SOL is trading at $88, up 5.8% on the daily charts and adding to its 4% weekly gains. This uptrend is also reflected in the rise of Options Volume and Open Interest, which have increased by 28% and 7%, respectively.
The market's shift towards a potential short-term uptrend is further supported by the Relative Strength Index (RSI), which has made a bullish crossover and risen to 60. This suggests that buyers have taken over the market, absorbing pressure and paving the way for higher prices. If current market conditions persist, SOL could potentially flip $90 and target $95.