Over the last 24 hours, there have been notable whale movements involving large amounts of Solana as reported by Lookonchain. The strong accumulation trend has caught the attention of the Solana community as it is perceived as a bullish signal, indicating confidence in the future price trajectory of the asset. If this buying pattern continues, Solana may successfully initiate a possible comeback.
Solana Whales Stakes Volume
According to Lookonchain, two prominent cryptocurrency whales purchased SOL for staking purposes. The on-chain tracking service reported that the first whale, “9tuA8L,” withdrew 30,000 SOL from the prominent cryptocurrency exchange Binance and staked them nearly 13 hours ago. Based on the current Solana price, the total value of these coins is approximately $4.25 million.
The second whale, known as “7CsCGy,” withdrew 26,245 SOL coins from Binance and staked them nearly 12 hours ago. These coins are estimated to be worth approximately $3.72 million. These two Solana whales have purchased 56,245 SOL coins, totaling well about $8 million.
What’s Next for Solana’s Price?
Over the past two days, Solana’s trade has been sideways with no indications of a turnaround. Although the entire cryptocurrency market was following this pattern, Bitcoin (BTC) started a small rally today after breaking above the critical $61,000 price level. The wider market is now more optimistic as a result of this Bitcoin move.
As a result, Solana is predicted to start a price rally, and whales have probably purchased the coins in response to this expectation. Additionally, they have staked the coins to earn returns, which is a marginally safer method of obtaining a return on investment (ROI) in the highly unstable world of cryptocurrencies.
In the meantime, SOL’s price has increased 1.43% over the past day to trade at $143.34. In addition, the coin’s 24-hour trading volume climbed by 24.66% to reach $2.04 billion. Even if this is only a small price increase, the increasing trade volume and whale buildup point to the possibility of a Solana breakout.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.