Solana sees price boost as whale buys $4.52 million in SOL
A Solana (CRYPTO:SOL) whale has attracted market attention by purchasing 34,807 SOL tokens, valued at approximately $4.52 million, in a significant transaction on Tuesday.
This large acquisition spurred a 4.26% increase in SOL's price and a 41% surge in trading volume over the past 24 hours, signaling a potential rally for the cryptocurrency.
The whale's buying spree is part of an ongoing accumulation strategy.
Since February, this whale has moved around 207,000 SOL, worth over $29 million, into self-custody.
Following the recent purchase, they staked 115,135 SOL, amounting to $15.3 million, further solidifying their commitment to holding the asset.
In contrast, another Solana whale has been offloading SOL tokens.
According to on-chain data from Lookonchain, this whale sold 20,000 SOL tokens for $2.66 million on Tuesday.
This sale is part of a broader trend for this address, which has sold 715,000 SOL, worth approximately $102 million, since the beginning of the year.
Despite these consistent sales, the whale still holds a substantial stake of 1.84 million SOL, valued at around $246 million.
Amid these contrasting whale strategies, SOL's value has risen nearly 5% in the last 24 hours.
The derivatives market also saw increased activity, with a 35% surge in trading volume as more traders took long positions.
According to Coinglass, SOL’s funding rate across exchanges has remained positive at 0.0043%, reflecting strong demand for long positions, which indicates traders' optimism about further price increases.
At press time, the Solana (SOL) price was $135.38.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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