A major cryptocurrency investor has made a significant move in the Solana market, purchasing 1.777 million SOL tokens valued at approximately $223 million, according to blockchain transaction data.
The purchase, executed on the Kraken exchange, was immediately followed by the investor staking the entire position, suggesting confidence in the token’s long-term prospects. Staking involves locking up cryptocurrency to support network operations in exchange for rewards.
Solana, a high-performance blockchain platform that competes with Ethereum, has seen increased institutional interest following recent network upgrades and expanded decentralized finance applications.
Large-scale acquisitions by so-called “whale” investors can sometimes precede price movements in the volatile crypto market, though the relationship isn’t always predictive.
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At press time, Solana was trading at $126.02, up 0.96% (gaining $1.20) in the last 24 hours according to TradingView data. The token has traded between a low of $122.75 and a high of $127.63 during the day’s session. Following the whale’s purchase, Solana has seen robust trading activity with total 24-hour volume reaching $2.38 billion across all exchanges, suggesting heightened market interest coinciding with the large acquisition.
While the coin has experienced a 9.28% decline over the past week, with its total market capitalization currently standing at $64.28 billion, today’s increased volume and price stability may signal a potential shift in momentum.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
