Whales have suddenly started a strong accumulation of Solana (SOL), the fifth largest cryptocurrency by market cap. SOL has seen active buying activity while its price is rebounding. If this buying trend gets stronger, Solana could succeed in triggering this potential rally.
According to data from Lookonchain, two major cryptocurrency giants have purchased SOL for staking. The on-chain tracking service shows that the first giant, "9tuA8L", withdrew 30,000 SOL from Binance, a leading cryptocurrency exchange, and then staked these tokens nearly 13 hours ago. Based on the current Solana price, these tokens are worth about $4.25 million.
The second whale, identified as "7CsCGy," withdrew 26,245 SOL coins from Binance and then staked them nearly 12 hours ago. The value of these coins is estimated to be about $3.72 million. The two Solana whales purchased a total of 56,245 SOL coins, worth just under $8 million.
What does this mean for Solana’s price?
Solana has been moving sideways for the past few days with no signs of a rebound. While this trend is seen across the entire cryptocurrency market, Bitcoin (BTC) has initiated a minor rally today, breaking above the key $61,000 price level. This move by BTC has injected optimism into the broader market.
As such, Solana is expected to spark a price rally, and whales are likely buying these tokens under the influence of this sentiment. Furthermore, they are betting on these tokens to generate a return, which is a slightly safer way to earn a return on investment (ROI) in the volatile cryptocurrency space.
