Solana’s SOL The cryptocurrency has been stagnating below $130 for some time now, but prices are slowly starting to rise. At the time of writing, the asset is trading at $134.82, up 5% today and about 4% over the past seven days. SOL trading volume has also increased, up 23.59% in 24 hours. Whales are returning to SOL due to Solana’s native token’s long-term strength, with one individual in particular buying up millions in the coin.
Whale activity around SOL has increased in recent days. The price of SOL surged 4.26% on Tuesday after a Solana whale purchased 34,807 SOL tokens worth $4.52 million. The transaction also triggered a 41% surge in trading volume in the past 24 hours. Since February, the whales have withdrawn and placed under their own custody approximately 207,000 SOL (over $29 million). After Tuesday’s purchase, they also staked 115,135 SOL tokens, totaling $15.3 million.
On a more bearish note, another whale executed a large sale of SOL on the same day, which likely saw this as a good place to run for tokens. This whale sold 20,000 SOL tokens for $2.66 million, despite holding a larger stake of 1.84 million SOL. So far this year, this whale has sold 715,000 SOL, valued at about $102 million. However, he still has 1.84 million SOL left, valued at about $246 million.
Whale activity sparks potential for Solana SOL rise
Crypto whale activity is usually a major catalyst for a positive price reaction for a particular coin. These large buyers are known to be active on the Solana network, using either the native SOL token or the Solana meme coin. The increased market activity has fueled bullish price predictions around SOL, creating hopes for a potential upside.
Solana SOL has made a big recovery from a huge drop over the past two years. The asset’s price crashed after the FTX collapse in November 2022, dropping to sub-$10 levels. SOL briefly surpassed the $200 level earlier this year, but has since fallen below $140. Now, bulls are hoping to take Solana to that level and beyond.
With a current price of $134, SOL is slightly above the short-term resistance of $133.37. The rising Relative Strength Index (RSI) also indicates a steady increase in demand for altcoins, thanks in part to Solana crypto whales. If Bitcoin (BTC) regains momentum, other assets, including SOL, may also witness this upswing. There is also a lot of talk of SOL surpassing Ethereum (ETH) as more projects are built on the SOL network.
