A large Solana wallet has bought about $28 million worth of SOL over the past three weeks. Lookonchain tracked the accumulation: 285,503 SOL. That kind of size usually gets attention, and it is easy to see why. The purchase landed as Solana was regaining its footing after a brief scare from Robinhood Chain.
DEX activity rebounds
Earlier in September, Robinhood Chain briefly took the top spot for daily DEX volume. Solana did not stay behind for long. It recovered in less than 72 hours, according to the data cited, and is now back above $2 billion per day. It is also outpacing Robinhood Chain by a wide margin again.
Address activity tells a similar story. Token Terminal data shows Solana with roughly 10x more active addresses than Robinhood Chain. That gap matters. Robinhood’s airdrop brought new users, but it has not erased Solana’s broader activity base. The network still has demand.
Agentic payments and x402
The more interesting part may be x402 activity. Solana has dominated that metric for a second straight week, with more than 80% of total activity. It is ahead of Base and others. x402 is tied to AI agents and stablecoin payments, so this is not just about trading volume. It suggests Solana is finding a role in emerging payment use cases.
That gives the recent rally a fundamental angle. If agentic payments keep growing, Solana’s momentum may not depend only on DEX activity. It could also explain why a whale is buying now. Maybe the move is about conviction, not just a short-term trade.
Technical signs improve
The chart is also turning heads. SOL closed its first green monthly candle in 10 months. The monthly MACD is nearing a bullish crossover, and the RSI has broken above a two-year downtrend. Those are long-term signals, not quick intraday flips. They do not guarantee a rally, but they show momentum may be shifting.
Analyst Ansem has argued the market is still not bullish enough. That view is not universally shared, of course. Crypto can reverse fast, and Robinhood Chain could keep growing. Macro conditions could also change the picture. Still, Solana’s on-chain activity is picking up, and its lead in agentic transactions is hard to ignore.
For now, the whale accumulation looks more strategic than random. It may be an early sign of a deeper accumulation phase. Or it could simply be one large buyer with a long-term view. Either way, Solana’s fundamentals are improving, and the next few weeks should show whether the trend holds.
