Solana whales get busy, but is this manipulation or commitment?

2026 is kicking off with a classic “buy the fear” setup.

From a sentiment perspective, the Crypto Fear & Greed Index is just 6 points shy of neutral – A level that historically signals the start of accumulation phases, reinforcing the prevailing market thesis.

Notably, Solana [SOL] is right at the center of this shift. According to Santiment, whale wallets are actively accumulating, buying 10+ SOL, making Solana one of the “top crypto trends” as 2026 begins.

From a technical perspective, the momentum is clear. After four straight weekly losses, SOL has posted its first weekly gains, jumping by 2.96% following a six-week consolidation. A potential resistance-to-support flip.

However, the question remains – Is this accumulation just following the broader market, or is SOL carving its own path? Given that the total market cap rose $50 billion over the week, this makes the question worth asking.

In fact, since peaking in September, Solana has lost three support zones, each raising capitulation risks. In this context, understanding the strategy behind whale accumulation is crucial to decoding SOL’s next moves.

Is Solana’s long-term value finally being priced in?

The timing of this whale accumulation looks more deliberate than a fluke. 

At a macro level, capital has been rotating back into risk assets. Top-cap cryptocurrencies are moving into the green, and Solana is no exception, with its gains further supported by the total market cap hike.

In essence, whales are clearly buying the “crypto dip.” However, volatility is far from over. A hike in Bitcoin’s [BTC] Open Interest indicated that the ongoing rally could face short-term pressure. And, this may put Solana’s run at risk.

However, Solana’s on-chain momentum revealed a clear divergence at press time. 

According to the attached chart, Solana’s RWA ecosystem pushed to a new all-time high of $873 million in value. That’s not all either as on the DeFi side, Solana’s TVL climbed by 11.8% in just 24 hours.

Taken together, this may be a sign of growing long-term positioning. SOL is being rotated into income-generating sectors, indicative of strategic accumulation that might be more fundamental rather than speculative.

In short, SOL is carving its own path, quietly setting the base for 2026.

Final Thoughts

• Solana is seeing strong whale purchases, despite broader volatility risks.
• Record RWA growth and a hike in TVL suggested that capital is rotating into use cases, supporting the case for fundamentally driven accumulation into 2026.