- SOL surged 8%, reaching ATH.
- The market is optimistic about ETF filings.
- Whales accumulate millions of Solana.
Solana emerged as one of the top performers during the latest bull market and the entire year. This trend went into overdrive once the political shifts in the US signaled favorable regulatory changes.
Most recently, the token reached its all-time high, thanks to the increased likelihood of Solana ETF approvals. As a result, whales that have been accumulating Solana over the past few months recorded millions in profits.
Solana Reaches ATH as Whales Make Millions
Whales have made a winning bet on Solana earlier this year. On Friday, November 22, Solana reached an all-time high (ATH) of $263.70, amid increasing demand. This was preceded by significant buying pressure from major wallets.
Since then, the crypto markets have entered a bullish phase, significantly boosting Solana. Over the last 30 days, Solana rose 55.73%, driven particularly by the surprising election results. Later news about Trump’s team nominations for key positions further drove demand for crypto, including Solana.
Traders are now anticipating changes in the regulatory treatment of crypto, boosting the price of tokens like Solana. For instance, Solana ETF approvals are now much more likely. For that reason, whales that accumulated Solana over the past months made millions in profits.
Whale Accumulation Drives Solana’s Growth
Since October, on-chain data showed that large crypto holders were expanding their SOL positions. On October 27, Lookonchain reported multiple whale wallets staked millions in Solana. One wallet, AA21…VxH9, staked 153,511 SOL, worth $26.4M at the time.
Other whales have started aggressively buying up Solana. On November 10, one whale accumulated 257,599 SOL, worth 54 million at the time. Another whale, AA21…VxH9″ bought 7,500 SOL, worth $1.57M the same day.
Significant whale purchases suggest a bullish outlook on the token. Moreover, staking shows that at least some of the whales are taking long-term positions in the token.
On the Flipside
- While whale activity is a bullish sign, it also introduces risks. This is especially true if major whales decide to quickly sell off a large quantity of tokens.
- Solana is still facing risks due to its ties to FTX. Major investors hold billions in SOL purchased from FTX. While these tokens are locked up, asset holders will gradually be able to sell.
Why This Matters
Whale accumulation shows confidence in Solana’s near-term performance, especially as regulations open doors for institutional investors.
Read more about the latest Solana ETF filing:
Bitwise Joins Race for Solana ETF Approval in US
Read more about Trump’s crypto policy:
Trump’s Crypto Appointments Bring Bitcoin Closer to $100k
