Even though Solana (SOL) has had a monthly downward trend, today, May 4, sees an unanticipated uptick in optimism for the fifth-largest cryptocurrency by market capitalization worldwide. SOL has experienced a notable price increase over the last day, reflecting the extreme bullishness that the global crypto community is experiencing and indicating a wave of positive market sentiment regarding the token’s cryptographic endeavour.
Backed even more by a significant whale accumulation, cryptocurrency market players went crazy with optimistic ideas about the token’s future price movement.
Whale Purchases SOL for $38 Million
According to the information collected by Whale Alert, an unidentified location was observed to have amassed 267,077 SOL, valued at $38.63 million, today, May 4. The whale’s accumulation coincides with SOL’s almost 4% price increase and suggests that the token’s price trajectory will be positive in the future.
The whale’s unwavering faith in the asset is further supported by the general market mood, which predicts an upward price trajectory for SOL. Meanwhile, the accumulation also significantly jacks up the buying pressure, aiding the SOL tokenomics.
It is noteworthy that Solana has had significant corrections over the previous month, which may have presented whales with an opportunity to “buy the dip.” Concerning Whale Alert’s data, it is evident that massive SOL accumulations, like the one previously stated, have been happening during the last week.
These whale transactions come after Solana’s incredible growth, which resolved its “network congestion issue,” a recent setback that SOL faced. When taken as a whole, the initiatives above give Solana cause for optimism regarding future price movement.
Price Rallies in Solana
In contrast, SOL’s price, currently trading at $147.32, increased 3.71% over the previous day when this was written. $141.09 and $148.94 are its 24-hour low and high, respectively.
Coinglass data revealed a 3% surge in SOL’s open interest, further suggesting an increase in investors’ interest in the asset. The volume of derivatives, however, decreased by 20.47%. This may indicate a precarious future for SOL, even though whale accumulations suggest the token is likely ready for substantial increases shortly.
