Today, Solana, Ethereum’s long-standing rival, experienced a significant price increase, driven by a large accumulation of SOL tokens by whales. This surge brings hope for SOL’s future performance, despite a recent downward trend. May 4 brought unexpected optimism for Solana, the fifth-largest cryptocurrency by market cap.
This surge reflects widespread positivity in the global crypto market, with SOL’s price rising notably in the past 24 hours. The accumulation of SOL by whales further contributed to bullish sentiments among crypto investors.
Whale Accumulates $38M+ SOL, Hinting Bullish Trend
According to data from the on-chain analytics platform Whale Alert, an unknown address accumulated 267,077 SOL tokens, valued at $38.63 million, on May 4. This significant accumulation coincided with a nearly 4% price increase for SOL, suggesting a positive trajectory for its price in the future.
This accumulation underscores the confidence of the whale in SOL’s potential, contributing to a positive outlook for its price. Additionally, it amplifies buying pressure, which benefits SOL’s tokenomics.
Solana has experienced notable corrections in the past month, making it a potential opportunity for whales to “buy the dip.” Whale Alert’s data indicates several such large accumulations of SOL over the past week alone.
These whale transactions come after Solana addressed its network congestion issue, a recent setback for SOL. With these developments, Solana appears poised for a promising price action ahead, buoyed by renewed investor optimism.
SOL Price and Market Indicators: Gains Amidst Fluctuations
While writing, SOL’s price has observed a 3.71% increase in the last 24 hours, reaching $147.32. Its trading range during this period fluctuated between $141.09 and $148.94, indicating a volatile market.
According to Coinglass data, SOL’s open interest has surged by 3%, suggesting growing investor interest in the asset. However, derivatives volume has experienced a notable 20.47% decrease. This divergence in indicators may indicate short-term uncertainty for SOL, despite the potential for significant gains ahead, highlighted by recent whale accumulations.
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