- SOL surged 8% and reached ATH.
- The market is optimistic about the ETF filing.
- Whales accumulate millions of Solana.
Solana emerged as one of the best performers during the recent bull market and throughout the year. This trend intensified as political changes in the United States signaled favorable regulatory changes.
Most recently, the token hit an all-time high as the possibility of Solana ETF approval increased. As a result, whales that have accumulated Solana have recorded millions of dollars in profits over the past few months.
Solana reached ATH as whales earned millions of dollars.
Whales placed a bet on Solana earlier this year. On Friday, November 22, Solana reached an all-time high (ATH) of $263.70 due to increased demand. This was preceded by significant buying pressure from major wallets.
Since then, the cryptocurrency market has entered a bullish phase and Solana has risen significantly. Over the past 30 days, Solana has risen 55.73%, especially thanks to the surprising election results. Later, news of Trump’s team being nominated for key positions further fueled demand for cryptocurrencies, including Solana.
Traders are now expecting the price of tokens like Solana to rise due to changes in regulatory measures for cryptocurrencies. For example, the likelihood of Solana ETF approval is now much higher. That’s why whales that have accumulated Solana have made millions of dollars in profits over the past few months.
Whale accumulation drives Solana’s growth
Since October, on-chain data has shown that large cryptocurrency holders have been expanding their SOL positions. On October 27, Lookonchain reported several whale wallets investing millions of dollars in Solana. AA21, one wallet… VxH9 staked 153,511 SOL, worth $26.4 million at the time.
Other whales also began buying Solana aggressively. On November 10, one whale accumulated 257,599 SOL, worth $54 million at the time. Another whale, AA21… VxH9″ purchased 7,500 SOL worth $1.57 million on the same day.
A significant whale purchase suggests a bullish outlook for the token. Moreover, staking shows that some whales have long-term positions in tokens.
On the flipside
- Although whale activity is a positive sign, it also poses risks. This is especially true if a major whale decides to sell a large amount of tokens quickly.
- Solana still faces risks due to its association with FTX. Major investors are holding billions of dollars in SOL purchased from FTX. While these tokens are locked, asset holders can gradually sell them.
Why This Matters
The whale accumulation shows confidence in Solana’s near-term performance, especially as regulations open up to institutional investors.
Learn more about the latest Solana ETF filing:
Bitwise joins race for U.S. Solana ETF approval
Learn more about Trump’s cryptocurrency policy.
Trump’s Cryptocurrency Promise Moves Bitcoin Closer to $100,000.