Solana's Milestone and Cardano's Whale Surge Lead Crypto Market Rally
According to crypto analytics firm Santiment, Solana (SOL) has achieved a notable milestone by surpassing $54 for the first time since May 2022. This price surge has been accompanied by a spike in discussion rates, suggesting increased mainstream attention. Santiment notes that Solana is showing signs of decoupling from other assets, with funding rates being high but not yet in a ‘danger zone.’
Santiment’s analysis also highlights increased whale activities on several major networks, including Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), and Cardano (ADA). These networks have seen whale transactions reaching six-month high levels. While there may be some profit-taking towards the week’s end, Santiment suggests that this does not necessarily indicate imminent market tops.
Ethereum has seen a significant increase in market value, jumping by 38% in four weeks. This growth is powered by an expansion in network activity, particularly among micro addresses holding less than 0.1 ETH, which recently surpassed over 100,000 wallets. Additionally, the 0.1-10 ETH and 10K+ ETH tiers are also showing growth.
Polygon (MATIC) has also been making strides, with its price steadily rising back to $0.80 and its market cap increasing by 54% in just three weeks. Santiment reports that key wallets holding between 100K-10M MATIC have been actively accumulating, supporting this upward trend.
Chainlink has continued its impressive surge, standing out in the crypto sector. Santiment observes that dormant tokens are now circulating, and wallets holding between 10K-10M LINK have historically been accumulating, contributing to Chainlink’s sustained growth.
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