Solana’s SOL cryptocurrency is beginning a slow rally back upwards in price, after stalling under $130 for some time. At press time, the asset is trading at $134.82, up 5% today and nearly 4% in the last seven days. Trading volume around SOL is also rising, up 23.59% in 24 hours. With Solana’s native token seeing green for an extended period, whales are coming back to SOL, and one in particular has swooped up millions in the coin.
Whale activity around SOL has been up in the last few days. A Solana whale purchased 34,807 SOL tokens worth $4.52 million, spiking SOL’s price by 4.26% on Tuesday. The transaction also sparked a 41% trading volume surge in the last 24 hours. Since February, this whale has withdrawn approximately 207,000 SOL, worth over $29 million, into self-custody. Following Tuesday’s purchase, they also staked 115,135 SOL tokens, totaling $15.3 million.
On a bearish note, another whale executed a huge sale of SOL on the same day, likely seeing this as a good get-out point for the token. The whale sold 20,000 SOL tokens for $2.66 million, despite holding a large stake of 1.84M SOL. Since the beginning of the year, this whale has sold 715,000 SOL, worth about $102 million. However, it still holds 1.84 million SOL, valued at roughly $246 million.
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Whale Activity Fuels a Potential Solana SOL Rally
Crypto-whale activity is typically a great catalyst for a positive price reaction around a specific coin. These large-scale buyers have been known to work on the Solana network, either with the native SOL token or Solana meme coins. The increase in market activity is also fueling bullish price predictions around SOL, creating hype for a potential rally.
Solana SOL has recovered greatly in the last two years from a huge tank. The asset’s price tanked after the collapse of FTX in November 2022, falling to sub-$10 levels. SOL briefly surpassed the $200 level earlier this year but has since fallen below $140. Now, bulls are hoping to get Solana on the wave back toward that level and beyond.
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At its current price of $134, SOL sits slightly above its short-term term resistance at $133.37. Its rising Relative Strength Index (RSI) also indicates a steady uptick in the demand for the altcoin, in part thanks to the Solana crypto whales. If Bitcoin (BTC) regains its momentum, other assets, including SOL, may witness this rally. There is also much talk about SOL outperforming Ethereum (ETH) as more projects are built on the SOL network.