Solana sees price boost as whale buys $4.52 million in SOL

A Solana (CRYPTO:SOL) whale has attracted market attention by purchasing 34,807 SOL tokens, valued at approximately $4.52 million, in a significant transaction on Tuesday. 

This large acquisition spurred a 4.26% increase in SOL's price and a 41% surge in trading volume over the past 24 hours, signaling a potential rally for the cryptocurrency. 

The whale's buying spree is part of an ongoing accumulation strategy. 

Since February, this whale has moved around 207,000 SOL, worth over $29 million, into self-custody. 

Following the recent purchase, they staked 115,135 SOL, amounting to $15.3 million, further solidifying their commitment to holding the asset. 

In contrast, another Solana whale has been offloading SOL tokens. 

According to on-chain data from Lookonchain, this whale sold 20,000 SOL tokens for $2.66 million on Tuesday. 

This sale is part of a broader trend for this address, which has sold 715,000 SOL, worth approximately $102 million, since the beginning of the year. 

Despite these consistent sales, the whale still holds a substantial stake of 1.84 million SOL, valued at around $246 million. 

Amid these contrasting whale strategies, SOL's value has risen nearly 5% in the last 24 hours. 

The derivatives market also saw increased activity, with a 35% surge in trading volume as more traders took long positions. 

According to Coinglass, SOL’s funding rate across exchanges has remained positive at 0.0043%, reflecting strong demand for long positions, which indicates traders' optimism about further price increases. 

At press time, the Solana (SOL) price was $135.38.