The whale behavior in the Solana market is causing yet another raccoon, but in a good sense. The value of the token rose 9% to around $137. The numerous money-paid people called “whales” are increasing the number of Solana codes in large numbers. The technical signals suggest strong momentum and increased open interest, bonding traders perfectly to the screens of cell phones and PCs.
Whale invests millions of dollars in Sol
LookonChain data shows that one major investor bought a $50,000 SOL. There were other whales betting 41,096 sols, or $6.9 million. By reducing the supply currently in use, these purchasing activities will help stabilize prices.
The appetite of this type of whale is nothing new to Solana. Historically, significant acquisitions have caused prices to skyrocket, and traders expect this trend to continue.
Whales are accumulating $ sol!
ahdumw…qmnj withdraws 54,544 $ solStarting from $746 million #binance Two hours ago.
7i6fur…KP5J retracted 41,096 $ solStarting from ($6.96 million) #binance 1 hour ago https://t.co/cvcpgvekar https://t.co/ksy2f5uzba https://t.co/uewsxsnvlr pic.twitter.com/pca0medju
– lookonchain (@lookonchain) February 28, 2025
Open interest in Solana Futures has risen from $2.2 billion to $2.7 billion, indicating that players with leveraged holdings continue to be interested. The relative strength index approaches the bought zone because divergence of moving average convergence flashes strong signals.
There are technical signs that support the upward trend. After reaching 68, the RSI is near the zone where the price is too high. Some traders may think that if they break above the 70 mark, it will go down.
MACD shows that the purchasing momentum remains robust. Traders use this frequently to determine if their assets have the potential for further growth or if a reversal is imminent.
Historic whale accumulation and rising sol prices
Whale activity has historically been a key factor in Solana's price transfer. Sol bought $35 million in whale tokens in just two days, reaching an all-time high of $262 in November 2024.
Since late October 2024, one whale has accumulated over 257K of Sol, adjusting to nearly $54 million. This has contributed to Solana's market capitalization exceeding $100 billion, making it one of the most prominent altcoins on the market.
The road beyond Sol
Solana's short-term outlook is advantageous as whales continue to increase their holdings and open interest is growing. Traders should be aware of potential corrections as RSI approaches excess territory.
Currently, bullish momentum remains unabated, and as past trends show, whale accumulation may point to a more reversed movement. Solana's ability to maintain this trend depends on the period of purchasing pressure and the inflow of new investors.
Asa-Leb special images, TradingView chart
