According to cryptocurrency analysis firm LookOnChain, a Solana (SOL) whale purchased $3.72 million worth of the token after a six-month gap. Three years ago, the same whale purchased $6.61 million worth of the token when it was trading at $216. The whale even held on when SOL’s price fell to below $10 after the FTX collapse. The whale seems to be extremely bullish on SOL.
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Solana Rallies 10% Amid Whale Purchase
The whale’s latest purchase coincides with SOL rallying by 10% in the daily charts. Despite the rally, SOL is still down by 1.9% in the weekly charts, 17.4% in the 14-day charts, 8.5% in the monthly charts, and 33% since April 2024.
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Solana’s (SOL) latest upward momentum comes amid a market-wide rally. The cryptocurrency market picked up steam after President Donald Trump said the US would pause tariffs for 90 days, except for China. The two largest superpowers are still locked in a heated battle.
SOL’s rally also comes amid the US Senate confirming Paul Atkins as the new SEC chair. Outgoing chair Gary Gensler faced substantial backlash from the crypto community. Atkins may take a more lenient approach to the budding industry.
Will The Asset Hit $140 Next?
Solana (SOL) has been among the best-performing cryptocurrencies of the last few years. The asset’s price fell to below $10 in 2022 after the collapse of FTX. Since its 2022 lows, SOL has hit multiple all-time highs. The asset hit its most recent peak in January of this year, reaching $293.31.
CoinCodex does not anticipate SOL to rally over the coming weeks. The platform expects the asset to dip to $123.72 on May 5.
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Given the macroeconomic headwinds, there is a chance that the crypto market will stagnate over the coming weeks. We may not hit a bull market before the US-China tariff war is settled.