Market Impact Analysis
In a significant market development, Solana (SOL) has surged 9% to reach $137 as major crypto whales accumulate substantial positions. Data from Lookonchain reveals concentrated buying activity, with two notable transactions totaling over $14 million in the past 24 hours.
This whale activity comes at a crucial time, as noted in recent analysis of Solana’s $133 support level, suggesting strong buyer conviction at current prices.
Key Whale Movements
- First whale: Purchased 54,544 SOL ($7.46M)
- Second whale: Acquired and staked 41,096 SOL ($6.90M)
Technical Indicators
The surge in whale activity coincides with several bullish technical signals:
- Open interest in SOL futures up 23% to $2.7B
- RSI approaching 68, nearing overbought territory
- MACD showing strong positive momentum
Historical Context
Solana’s previous all-time high of $262 in November 2024 was preceded by similar whale accumulation patterns, with one notable wallet accumulating 257,000 SOL ($54M) since October 2024.
Market Outlook
While the immediate trend remains bullish, traders should monitor the RSI for potential overbought conditions above 70. The sustained whale accumulation and increased open interest suggest potential for continued upward momentum, contingent on broader market conditions and sustained buying pressure.