⭐️ Why Did The Solana (SOL) Price Jump Today?

Solana (SOL) is currently up by 4% after jumping from $142 to $148 in the past 24 hours. Interestingly, Solana has made a 23% gain from $119.56 since May 1 and could hold on to sustain this price increase steadily for the rest of the month. On-chain data has revealed behind the scenes that some whales are accumulating and transferring SOL tokens which reflects some intuition of bullishness surrounding the cryptocurrency. 

Particularly, on-chain data from whale transaction tracker Whale Alert has revealed the movement of 267,077 SOL worth $38.6 million from crypto exchange Binance into an unknown wallet in the past 24 hours. Another notable transfer was the movement of 11 million SOL worth $1.6 billion from a private wallet address to another private wallet address.

🔺 Solana Whale Movement

Whale transfers are very common in the crypto industry. They are of different types and they generally tend to shift the sentiment among crypto traders. Whale transfers from exchanges into private addresses could indicate whales are holding onto their assets in anticipation of a price surge.

On the other hand, transfers from private wallets into crypto exchanges most likely mean a selloff, which could increase selling pressure on these exchanges. A third type of whale transfer is between two private wallets, which could be for a various number of reasons.

The recent transfer of 11 million SOL falls into the third category of whale movement. A further look into on-chain transaction data shows that the transfer was made between two stake addresses.

🔺 Whale Accumulates Solana

On the other hand, private wallet “8NWAHM” has been accumulating SOL in the past 24 hours. While Whale Alert only noted an interesting transfer of 267,077 SOL worth $38.6 million into the address, a closer look into this wallet address shows this is the second major inflow into the address in the past 24 hours.

In an earlier transaction, 49,999 SOL worth $7.23 million made their way from crypto exchange Binance into the wallet address. 

$SOL #SOL