Whale behavior in the Solana market is causing yet another ruckus, but in a good way. The token’s value climbed 9%, reaching roughly $137. A large numbers of moneyed people, “whales” they are called, is gobbling up huge amounts of the Solana crypto. Technical signals suggest a strong momentum and growing open interest, keeping traders upbeat and glued on their celphone or PC screens.
Whale Invests Millions Of Dollars In SOL
One major investor purchased 50,000 SOL, worth nearly $7 million, data from Lookonchain shows. There were other whales that staked 41,096 SOL, or $6.90 million. By reducing the amount of supply that is currently in use, these buying activity could help stabilize prices.
This type of whale appetite isn’t new for Solana. Historically, significant acquisitions have resulted in price spikes, and traders are anticipating that this trend will continue.
Whales are accumulating $SOL!
AHdUMw…qMnj withdrew 54,544 $SOL($7.46M) from #Binance 2 hours ago.
7i6FUR…kp5J withdrew 41,096 $SOL($6.96M) from #Binance 1 hour ago and staked it.https://t.co/CvCPgVEkARhttps://t.co/KsY2f5UzBahttps://t.co/UEwsxSnVlR pic.twitter.com/pCa0MGEdjU
— Lookonchain (@lookonchain) February 28, 2025
Open interest in Solana futures has increased from $2.2 billion to $2.7 billion, indicating that players with leveraged holdings remain interested. The Relative Strength Index is approaching the overbought zone, as the Moving Average Convergence Divergence flashes a strong signal.
There are technical signs that support the upward trend. After going up to 68, the RSI is now close to the zone where prices are too high. Some traders may think it will go down if it breaks above the 70 mark.
The MACD indicates that the buying momentum remains robust. Traders frequently employ this to determine whether an asset has potential for further growth or if a reversal is imminent.
Historical Whale Accumulations And SOL Price Increases
Whale activity has historically been a significant factor in the price movement of Solana. SOL reached an all-time peak of $262 in November 2024 as a result of a $35 million purchase of the token by whales in a mere two days.
Since late October 2024, a single whale has amassed over 257k SOL, to the tune of almost $54 million. This contributed to Solana’s market capitalization surpassing $100 billion, making it as one of the most prominent altcoins in the market.
The Road Ahead For SOL
Solana’s short-term outlook is favorable, as whales continue to increase their holdings and open interest is increasing. Traders should keep a watchful eye out on indications of a potential correction as the RSI approaches overbought territory.
Currently, the bullish momentum is unabated, and as past trends indicate, whale accumulation could be pointing to more upside movement. Solana’s ability to sustain this trend is contingent upon the duration of the purchasing pressure and the influx of new investors.
Featured image from Asa-Leb, chart from TradingView
Christian Encila
They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
