Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Solana (SOL) has shed 9.72% of its value in the last seven days. In the midst of this dip, large holders and retail traders alike are treating this as a buy opportunity. In the last 24 hours, Solana whales have engaged in a massive transfer of 1,011,746 SOL in a move that has sparked bullish sentiment in the community.
SOL trading volume climbs as investors accumulate
Notably, the transactions spotted by Whale Alert, a blockchain data tracker, show that the over 1.01 million SOL transferred is worth $213,380,173 at the current market price. The transfers, which were in two separate transactions, were between two unknown wallets. Since the transfer was not to an exchange, the Solana community is treating it as a bullish move.
The transfer could have been initiated by a holder simply reorganizing their portfolio in anticipation of a price uptick. Generally, market participants pay attention to whale activities as these large holders make moves ahead of price movements.
The broader Solana ecosystem is taking advantage of the current price dip to accumulate the coin. There has been a significant 6.51% increase in trading volume to $8.8 billion within the last 24 hours. However, price remains in the red zone, down by 3.46% and exchanges at $211.99 as of writing.
Solana in earlier trading sessions reached a peak of $221.06 but dipped following broader market volatility, which has affected many crypto projects.
Can Institutional Adoption Boost Solana’s Price Outlook?
Meanwhile, Solana recently gained institutional traction as Helius Medical signaled it was adopting SOL as a digital treasury asset. In a significant move, the medical device company acquired over 760,000 SOL valued at approximately $167 million as it looked to build its treasury.
Market watchers expect such bullish moves to serve as catalysts to price in the coming days. This optimism is particularly strong given that investors continue to bet on Solana, with open interest registering an uptick in recent times.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team