Key Takeaway
Solana whale accumulated 60,000 SOL worth $11.23 million and jumped into the futures market. Solana successfully defended $175 and jumped to $190 before retracing to $187.
Solana [SOL] bounced off its recent low of $175, reaching a local high of $190 before slightly retracing to $187 by press time.
Before these gains, Solana had been on a downward trajectory, dropping by 9.25% on weekly charts. Amid this price fluctuation, large entities, especially whales, have returned to the market.
Solana whale scoops up 60,000 SOL
After taking a step back in the market as SOL retraced from $191 to $175, buyers returned over the past day.
According to Coinalyze, Solana saw $3.4 million in Buy Volume compared to $3.2 million in Sell Volume, at press time, reflecting higher demand.
Among these buyers was a new whale.
According to Onchain Lens, a newly created wallet bought 60,000 SOL worth approximately $11.23 million.
Typically, when a whale enters the market, it signals conviction with the market and views the prevailing rate as cheap enough.
Whale jumps into Futures
Interestingly, AMBCrypto’s analysis of the Futures market suggests a whale recently accumulated SOL, positioning strategically ahead of the next move.
According to CryptoQuant’s Futures Average Order Size data, Solana registered its first large whale order in seven days.
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Author: Gladys Makena
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