Solana’s top investors have significantly boosted their holdings, with whales adding nearly $9.7 million worth of SOL as the cryptocurrency attempts to break out of a consolidation phase. This accumulation coincides with a gradual price recovery to around $86.30, supported by a notable surge in trading volume, which climbed 38% to $43.66 billion, indicating rising market engagement.
On-chain data reveals that two recently created wallets received substantial SOL transfers: one obtained 88,004 SOL valued at approximately $7.56 million from FalconX, and the other received 24,500 SOL worth about $2.11 million from Binance. These movements suggest at least one whale is preparing for long-term gains by staking, while others are actively repositioning in the market. Additionally, analysis from the blockchain analytics platform Nansen showed the top 100 Solana wallets increased their cumulative SOL holdings by nearly 60% in a single day, underscoring growing confidence among large holders.
Derivatives trading data adds a cautiously optimistic tone to the outlook. Solana’s funding rates have turned positive, reaching 0.0073%, a shift that historically precedes upward price movements. The token’s long-to-short ratio also edged past parity at 1.016, signaling a slight favor for long positions among traders who anticipate continued upside in the short term.
Technically, Solana managed to break above a three-day tightening in price but faces resistance close to $87.21. A daily close beyond this level could amplify bullish momentum and potentially push the price toward $95.62, representing roughly a 9% increase from current values. Nevertheless, challenges persist as SOL remains below its 50-day exponential moving average, a metric often associated with a weak broader trend. The Average Directional Index fell to 16.52, pointing to subdued directional momentum.
In sum, Solana whales have increased their exposure by nearly $9.7 million, reflecting renewed optimism. Yet, whether this buying pressure can translate into a sustained rally depends on SOL clearing key resistance and regaining stronger technical footing.