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Whales have suddenly started a strong accumulation trend for Solana (SOL), the fifth largest cryptocurrency in terms of market capitalization. Intense buying activity has been detected for SOL, while its price is eyeing a rebound. If this buying trend gets stronger, Solana may successfully trigger this potential rebound.
Two major crypto whales, per Lookonchain, have bought SOL for staking purposes. The on-chain tracking service revealed that the first whale, "9tuA8L," withdrew 30,000 SOL from leading crypto exchange Binance and then staked these coins almost 13 hours ago. The amount of these coins is worth around $4.25 million, based on the current Solana price.
The second whale, recognized as "7CsCGy," withdrew 26,245 SOL coins from Binance and then staked these coins almost 12 hours ago. These coins are estimated to be worth around $3.72 million. Collectively, these two Solana whales have purchased 56,245 SOL coins, which are valued just below $8 million.
What does it mean for Solana's price?
Solana has been trading sideways in the last few days with no signs of a rebound. While this trend was seen across the crypto market, Bitcoin (BTC) has today initiated a minor rally, as it crossed the crucial $61,000 price level. This move from BTC has injected optimism into the broader market.
Consequently, Solana is expected to trigger a price rally, and it is likely that whales have bought the coins following this sentiment. Moreover, they have staked the coins to generate returns, which is a slightly safer way to get your return on investment (ROI) in the volatile realm of crypto.
Meanwhile, the price of SOL has jumped 1.5% in the last 24 hours to trade at $143.75. Moreover, the 24-hour trading volume of the coin has increased 16.76% to hit the $1.95 billion level. While this a minor price jump, the rising trading volume and whale accumulation suggest that a Solana breakout may be in the cards.
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin