TLDR

Solana DEX volume hit $1.6 trillion in 2025, second only to Binance’s $7.2 trillion.

Whale wallets are buying 10 or more SOL tokens consistently despite price dip.

Solana’s NVT ratio is now at a seven-month high, indicating possible short-term pressure.

SOL open interest fell from $17B in September to $7.5B by January 2026.

Crypto markets opened 2026 with Solana at the center of discussion as data from Santiment showed increased accumulation by large wallets. On-chain activity revealed that whale wallets were making repeated purchases of 10 or more SOL tokens. These actions were interpreted by analysts as possible preparation for a recovery in Solana’s market price.

Santiment’s post on Thursday ranked SOL-related accumulation as the leading crypto trend as the year began. It also stated that behavioral scores on SOL-linked assets were around 70%, showing moderate but stable investor sentiment. Although Solana has seen a 46% price decline in the past three months, continued whale purchases suggest that large investors remain active.

Solana’s price has stayed below the $130 mark despite this accumulation. However, trading volume and on-chain activity remain high, raising the possibility of a future breakout.

Trading Volume Surges While Open Interest Falls

According to new data, Solana recorded $1.6 trillion in decentralized exchange (DEX) trading volume during 2025. This positioned Solana just behind Binance, which recorded $7.2 trillion over the same period. Analysts said that this level of activity confirms the strong usage of Solana’s network even while the price has remained flat.

Crypto analyst CryptosRus noted that “the rise in volume and transaction activity reflects rising investor engagement with Solana.” Still, some bearish signals exist.

Open interest in Solana dropped sharply from $17 billion in September 2025 to $7.5 billion as of January 2026, based on Coinglass data. This decline suggests a reduction in leveraged positions in the market.

Rising NVT Ratio May Lead to Caution

Despite strong trading data, Solana’s Network Value to Transactions (NVT) ratio has now reached its highest point in seven months.

An increasing NVT ratio often suggests the market value is rising faster than actual network use. This can indicate an overvaluation, especially if transaction activity is not growing at the same pace.

In past cases, a rising NVT ratio has been linked to short-term price corrections. As a result, short-term holders may take profits during any price breakout, potentially leading to selling pressure.

Broader Market Trends and Traditional Finance Links

Alongside Solana’s surge in attention, other crypto trends also shaped the conversation at the start of 2026. Strategy’s continued Bitcoin accumulation remains controversial. Some investors view it as a long-term move, while others warn of balance-sheet risks due to 2025’s volatility.

Political events and developments in traditional finance also contributed to market sentiment. Warren Buffett’s official departure from Berkshire Hathaway revived debates about investment strategies, especially as the company’s new leadership may take a softer stance on digital assets.

Meanwhile, regulated access to crypto continues to expand. Coinbase’s David Duong stated that the rise of ETFs, stablecoins, and tokenized assets is pushing crypto into mainstream financial systems. He added that these trends will likely grow further throughout 2026.

The post SOL Accumulation by Whales Tops Crypto Trends at Start of 2026 appeared first on CoinCentral.

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Filed under: News - @ January 1, 2026 11:25 pm