- Solana rebounded to $146 as whales accumulated $27M SOL, with open interest surging from $2.2B to $2.7B.
- A whale purchased 50,000 SOL ($6.77M), while another staked 41,096 SOL ($6.96M), reducing selling pressure.
- SOL’s RSI hit 68, nearing overbought levels, while MACD confirmed bullish momentum, supporting its 2.5% price surge.
Solana (SOL) has defended the $125 support level and bounced above $144, signaling renewed confidence among investors. Despite recent volatility, whale buyers are accumulating SOL at reduced prices behind the scenes. Their continued interest highlights optimism in Solana’s long-term potential, reinforcing its resilience amid broader market fluctuations.
Whale Accumulation Sparks Market Optimism
Lookonchain mentioned in the X post that large cryptocurrency holders have increased their SOL positions. A whale recently bought 50,000 SOL, worth $6.77 million, at a market low, indicating a resurgence of long-term confidence. A wallet labeled AHdUMw…qMnj withdrew 54,544 SOL, worth $7.46 million, from Binance, while wallet 7i6FUR…kp5J withdrew 41,096 SOL, valued at $6.96 million and immediately staked the amount.
The market responded swiftly to these whale moves. Following the first withdrawal, SOL’s price surged 2.5% to $137.23 within an hour. Trading volume on major exchanges, including Binance and Coinbase, spiked by 15%, reflecting heightened investor interest. Meanwhile, the second whale’s staking decision helped reduce selling pressure, further supporting the bullish momentum.
Technical indicators align with this optimism. Solana’s Relative Strength Index (RSI) stood at 68 during whale movements, approaching overbought conditions. Additionally, the Moving Average Convergence Divergence (MACD) displayed bullish signals, with the MACD line crossing above the signal line, suggesting continued upward momentum.
Major Solana Whales Withdraw $27 Million SOL
Whale transactions also influenced Solana’s staking landscape. The first whale staked its holdings with Jito, a leading validator, minting JitoSOL tokens and depositing them into Kamino Vault 5. This move demonstrates confidence in Solana’s DeFi ecosystem, as staking reduces short-term selling pressure and enhances platform liquidity.
A broader trend of SOL whale activity emerged, with three major players withdrawing $27 million worth of SOL. As SOL rebounded to $146.67, these purchases turned profitable. This shift coincided with an increase in Solana’s open interest, which rose from $2.2 billion to over $2.7 billion, with more than 74% of positions leaning long.
Solana’s ecosystem continues evolving despite overall market challenges. Liquid staking is gaining traction, with JitoSOL becoming a key fee generator. Over the past 12 months, Solana and JitoSOL surpassed $1 billion in fees, overtaking the once-dominant Pump.fun meme token platform. However, Solana’s daily active users declined to 3.26 million, lagging behind Base and BNB Smart Chain.
Looking ahead, SOL faces a critical test with an upcoming token unlock on March 1, potentially introducing short-term selling pressure. However, continued whale interest and staking growth indicate underlying strength in the ecosystem. If market conditions remain favorable, SOL could extend its recovery, solidifying its position as a leading blockchain network.
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