On November 2, Solana (SOL) climbed to $186, fueled by heightened on-chain activity and increased institutional interest, which pointed to rising confidence in the altcoin’s short-term outlook. A notable whale investor expanded their long position by acquiring 8,164.4
SOL
, bringing their total holdings to 569,050.58 SOL—worth about $105 million at current market rates, as reported by
Coinotag
. This move is part of a larger pattern of major liquidity players boosting their Solana exposure, with the asset now approaching the $315 resistance level—a significant marker for a potential breakout. The whale’s actions reflect strong belief in Solana’s technical strength, even as broader market conditions remain uncertain.
Solana’s momentum was further supported by institutional participation.
Reliance Global Group
(Nasdaq: RELI) increased its digital asset reserves by purchasing SOL, in line with its strategy to diversify risk and improve liquidity management. The company’s holdings now span
Bitcoin
,
Ethereum
,
Cardano
, and
XRP
. Solana’s efficient network and minimal transaction costs made it a compelling choice, according to a
CardanoFeed report
. Analysts interpret this as a calculated effort to leverage blockchain’s expanding influence in corporate infrastructure.
Despite positive signals from the blockchain, Solana’s price movement showed some restraint. The token set a lower high, unable to surpass its previous peak, while its total value locked (TVL) held steady at $11.06 billion, as outlined in a
Crypto.news article
. This contrast underscores the ongoing battle between optimistic fundamentals and lingering bearish sentiment. Meanwhile, Digitap—a fintech startup rooted in crypto—captured attention by highlighting the appetite for tokens with real-world applications. Crypto.news also spotlighted Digitap’s Visa-compatible platform, which offers near-instant international payments with fees below 1%, aiming to resolve common issues in traditional money transfers.
Wider market trends added further complexity.
Ethena
(ENA), a synthetic dollar asset, dropped almost 5% as DeFi TVL and open interest waned, signaling a shift toward caution, according to an
FXStreet analysis
. In contrast, Solana demonstrated relative resilience, with both whale accumulation and institutional inflows indicating a more risk-tolerant stance. Blockchain data suggested that the $198.22 entry price for large Solana holders—totaling $105 million—could act as a psychological support if volatility increases, as noted by Coinotag.
Technical experts identified the $315 level as a pivotal target for Solana, with a breakout potentially paving the way for a move toward the $1,000 psychological barrier. Still, Ethena’s recent challenges and the broader DeFi outflows serve as reminders that macroeconomic risks—including regulatory ambiguity and a delicate risk-on climate—persist.
