Solana (SOL), the fifth-largest cryptocurrency by market size, is increasing in value because a large number of crypto whales are buying it. Solana’s price is just about to go up again, which is why there are so many people buying it right now.
If this trend continues, the price of Solana could go up significantly, according to analysts. According to the on-chain tracking service Lookonchain, two well-known crypto whales recently purchased a large amount of SOL, likely with the intention of staking the coins.
Solana Whale Activity
It was 13 hours ago that the first whale, whose address is “9tuA8L,” took 30,000 SOL out of Binance and staked them. Solana’s current price is $143.75, so this deal is worth about $4.25 million.
The second whale, who used the address “7CsCGy,” also took out 26,245 SOL from Binance and staked them 12 hours ago. This was a trade worth about $3.72 million. Both of these whales have bought and placed 56,245 SOL, which is almost $8 million.
Even though Solana has been trading flat over the past few days, the cryptocurrency market as a whole has been feeling more positive, thanks in large part to Bitcoin’s (BTC) small recovery. The bitcoin price rising above $61,000 has made people feel better about the market as a whole, which has led to higher hopes for a wider comeback.
Their optimism appears to have influenced the whales’ decisions, as staking SOL provides a more secure means of profit in a constantly fluctuating market. Staking, which locks up coins to maintain network operations, also offers a consistent return on investment (ROI) and the potential for price increases.
Solana’s price has gone up by a small 1.5% in the last 24 hours, and it is now selling at $143.75. The number of trades that happen in 24 hours has increased by 16.76%, hitting $1.95 billion. Although these numbers may seem unimportant, rising volume and whale gathering may indicate that Solana is about to break out.
