According to Lookonchain’s data, a whale by the address of 5AemYLGY…oNhoqJ5n bought Solana worth $4.5 million fourteen hours ago. Starting from February 7th, the whale withdrew 206,951 $SOL from Binance and MEXC at an average price of $142. The whale further staked 115,135 $SOL, worth $15.3 million. In 10 separate transactions, the whale is either accumulating or moving their assets across different wallets.
The largest transaction, totaling over 12,186.99 SOL, took place 14 hours ago. Following the largest transaction are transfers of 10,999.99 SOL and $11,619 SOL. Currently, Solana is trading at $133.81 (5:19 AM, UTC); if the prices of the asset increase then the whale might make more transactions as part of their trading strategy. This could either be to make profits or restructure their wallets.
Will $SOL prices rise?
In the past week, the crypto market has experienced an overall bearish momentum with many tokens affected negatively. However, when it comes to Solana, the token has rather seen a balanced movement. Starting from September 9th, the token has increased over 4%. While not a significantly huge price change, Solana’s is slowly blowing the bearish steam off, indicating a market recovery.
Solana is currently experiencing a bullish momentum in the market. The MACD line has not just crossed the signal line but is way above the signal line, indicating a positive market boost. The crossover, which took place after a consolidation phase, along with the histograms turning green reinforces that Solana is likely to uptick in the coming days, with the possibility to reach $140.
Traders can interpret this as a short-term price hike for $SOL. The current bullish market condition for SOL could provide the impetus for more transactions.