As Solana attempted recovery on the 21st of May, crypto whales added millions worth of SOL to their holdings.
The accumulation aligned with SOL’s breakout from a tight consolidation range, opening the possibility for further upside. At press time, SOL traded near $86.30 after gaining 1.85% over the past 24 hours.
Meanwhile, Trading Volume jumped 38% to $43.66 billion, reflecting stronger participation from traders and investors.
Why are whales buying SOL?
Onchain Lens reported that two newly created wallet addresses received large SOL transfers over the past 24 hours.
Wallet “8qBMv” received 88,004 SOL worth $7.56 million from FalconX. Meanwhile, wallet “ECgwn” received 24,500 SOL worth $2.11 million from Binance.
The data showed one whale moved assets into a wallet while another transferred SOL for staking. Those moves suggested whales continued positioning for longer-term upside.
However, Nansen data indicated broader whale interest beyond those two addresses.
The platform reported that the top 100 wallets increased their SOL holdings by 59.95% over the past day. That increase reflected stronger confidence among large holders and supported bullish market sentiment.
Are derivatives traders turning bullish?
Derivatives metrics also leaned slightly bullish at press time.
CoinGlass data showed Solana’s Funding Rates flipped positive and climbed to 0.0073%.
Historically, SOL often rallied after Funding Rates shifted from negative territory into positive levels. Meanwhile, Solana’s Long/Short Ratio reached 1.016, showing traders slightly favored long positions.
That setup suggested traders expected additional upside momentum in the short term.
Can SOL rally another 9%?
TradingView’s daily chart showed SOL breaking above a three-day consolidation range. However, bulls still needed to clear another resistance level near $87.21.
A daily close above that level could strengthen bullish momentum and open the path toward $95.62. That move would represent a potential 9% rally from current levels.
By contrast, failure to break above resistance could keep SOL trapped in sideways movement. Even so, technical indicators still leaned bearish overall.
At press time, SOL traded below its 50-day Exponential Moving Average (EMA), signaling the broader trend remained weak.
Meanwhile, the Average Directional Index (ADX) dropped to 16.52, reflecting weak directional momentum.
Final Summary
- Solana [SOL] whales accumulated nearly $9.7 million worth of tokens during the latest market recovery.
- The top 100 SOL wallets increased holdings by 59.95%, signaling stronger whale confidence.
