Key Takeaways

Solana jumped 13%, clearing $200, with whales adding positions and buybacks rising 158%. And yet $295 resistance remained the decisive test for continued upside.

Solana [SOL] was once again among the standout gainers, staging an impressive comeback with a 13% surge in 24 hours.

SOL’s rally aligned with earlier projections of a 30% move from the $150 support rebound earlier this month. With the $200 resistance now cleared, the altcoin’s next resistance in line is the all-time high near $295.

Source: TradingView

Solana whales are making moves

AMBCrypto’s analysis of CryptoQuant’s Futures Average Order Size data indicated that large investors were steadily adding to their positions.

This big-order accumulation near current levels mirrored renewed confidence, projecting further upside—possibly to $295.

Unlike retail-driven spikes, whale activity tends to sustain trends, adding weight to the argument that SOL could be gearing for another leg higher.

Source: CryptoQuant

Protocol buybacks add to the altcoin bullishness

One of the most overlooked drivers of this rally is happening within Solana’s ecosystem itself.

Weekly token buybacks on Solana-based projects have surged from $14.5 million to $46.8 million in just two weeks — a 158% jump.

According to SolanaFloor, Solana protocols now account for about 40% of all crypto project buybacks, up sharply from just 11% in June.

That growth reflects rising economic activity across the network and, more importantly, steady demand flowing back into SOL.

Source: X

Institutional interests in SOL

Institutional interest also came into play.

VanEck filed for a U.S. spot Solana ETF backed by liquid staking token JitoSOL — a move that could open broader exposure if approved.

Source: X

At the same time, recent reports suggested the European Union was considering Solana, alongside Ethereum, as infrastructure for its upcoming digital euro initiative.

Can SOL reclaim $295?

The bullish case for Solana is supported by whale accumulation, rising protocol activity and growing institutional attention.

Still, as SOL edges closer to a major resistance zone, traders will be watching whether momentum can carry the token back to $295 — or if profit-taking slows the advance.