According to cryptocurrency analytics company Lookonchain, Solana (Sol) Whale purchased $3.72 million worth of tokens after a six-month gap. Three years ago, the same whale was trading for $216 and bought a token worth $6.61 million. The whales even held when Sol’s price fell below $10 after the FTX collapsed. The whale appears to be very bullish on Sol.
Solana increases by 10% in whale purchases
The latest purchases of whales coincides with a 10% increase in Sol Rallying on the daily chart. Despite the rally, SOL has declined 1.9% on the weekly chart, 17.4% on the 14-day chart, 8.5% on the monthly chart, and 33% since April 2024.
Solana (Sol)’s latest upward momentum lies in the market-wide gatherings. The cryptocurrency market picked up steam after President Donald Trump said the US would suspend tariffs for 90 days, excluding China. The two biggest superpowers are still trapped in a hot battle.
Sol’s rally comes as the US Senate confirms Paul Atkins as the new SEC chair. Gary Gensler, the sender, faced a major backlash from the crypto community. Atkins may take a more generous approach to the budding industry.
Will the assets reach $140 next?
Solana (Sol) is one of the most performant cryptocurrencies in recent years. After the collapse of FTX, assets prices fell below $10 in 2022. Since its 2022 low, Sol has hit multiple all-time highs. The assets reached a recent peak this January, reaching $293.31.
Cincodex does not expect Sol to meet over the next few weeks. The platform expects assets to immerse in $123.72 on May 5th.
Given the macroeconomic headwinds, the crypto market could stagnate in the coming weeks. We may not be hit by bull markets before the US-China tariff war is resolved.
