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Whales have suddenly initiated a strong accumulation trend for Solana (SOL), the fifth-largest cryptocurrency in terms of market capitalization. Intense buying activity has been observed for SOL as its price awaits a recovery. If this buying trend strengthens, Solana could successfully trigger this potential recovery.
Two major crypto whales, per Lookonchainhave purchased 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 just under 13 hours ago. The amount of these coins is worth around $4.25 million based on the current Solana price.
The second whale, identified as “7CsCGy”, withdrew 26,245 SOL coins from Binance and then staked these coins almost 12 hours ago. The estimated value of these coins is around $3.72 million. Together, these two Solana whales bought 56,245 SOL coins, which are worth almost $8 million.
What does this mean for the price of Solana?
Solana has been trading sideways for the past few days with no signs of recovery. While this trend was seen across the entire crypto market, Bitcoin (BTC) initiated a minor rally today as it crossed the crucial $61,000 price mark. This move by BTC has instilled optimism in the broader market.
Consequently, Solana is expected to trigger a price surge, and it is likely that whales have purchased the coins based on this sentiment. Moreover, they have staked the coins to make profits, which in the volatile cryptocurrency space is a slightly safer way to get your return on investment (ROI).
Meanwhile, the price of SOL jumped 1.5% in the last 24 hours and is trading at $143.75. Moreover, the coin’s 24-hour trading volume has increased by 16.76% and has reached the $1.95 billion mark. Although this is a small price jump, the increasing trading volume and accumulation of whales suggest that a Solana breakout could be imminent.
