Solana
Solana price climbs as whale takes SOL down heavily
Despite a monthly bearish trend for Solana (SOL), today, May 4, brings an unexpected burst of optimism for the fifth largest cryptocurrency by global market capitalization. Reflecting immense optimism across the global crypto horizon, SOL has seen a remarkable price rally over the past 24 hours, projecting a torrent of positive market sentiments onto the token’s crypto project.
Further bolstered by a massive accumulation of whales, a wave of bullish thoughts about the upcoming token price action has taken crypto market participants by storm.
Whale buys $38 million worth of SOL
According to data streamlined by on-chain analytics platform Whale Alert, 267,077 SOL, worth $38.63 million, was allegedly accumulated at an unknown address today, May 4. Along with SOL’s nearly 4% price rise, the Whale Accumulation portends a bright future for the token’s price trajectory.
Further underscoring the whale’s unwavering confidence in the asset, the usual market sentiments reflect a rising SOL price trajectory ahead. Meanwhile, accumulation also significantly increases buying pressure, in turn helping SOL tokenomics.
It is worth noting that Solana has seen substantial corrections over the past month, with whales potentially seeing this as an opportunity to “buy the dip”. Referring to Whale Alert data, we can clearly see such SOL accumulationslike the one mentioned above, has occurred over the past week.
These whale deals follow Solana’s monumental development, during which she set her ‘network congestion problem‘, a setback that SOL recently encountered. Collectively, the efforts mentioned above have Solana hoping for a future price hike.
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Solana Price Rallies
While writing, The price of SOL noted gains worth 3.71% in the last 24 hours and is currently trading at $147.32. Its 24-hour low and high are $141.09 and $148.94, respectively.
Data from Coinglass reported a 3% increase in SOL’s open interest, suggesting an increase in investor interest in the asset. However, derivatives volume fell by 20.47%. This potentially paints an uncertain scenario for SOL in the near term, although the token may be poised for significant gains ahead, as highlighted by whale accumulations.
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