Solana (SOL) captured the attention of investors after its recent rally and a whale’s subsequent accumulation of $60 million worth of SOL.
According to data from the blockchain analytic platform Lookonchain, a whale using two connected wallets accumulated over 250,000 SOL tokens in multiple transactions on the Kraken exchange. Even though the token’s price dropped by 4.7% over the past week, its overall momentum is still positive.
Whales are accumulating $SOL!
2 wallets(likely belonging to the same person) have withdrawn 250,109 $SOL($60M) from #Kraken in the past month.https://t.co/0pPszppckmhttps://t.co/uiWofyuKCc pic.twitter.com/6UpBf7f99X
— Lookonchain (@lookonchain) November 29, 2024
Whales Drive Renewed Interest in SOL
Meanwhile, Lookonchain data showed that crypto whales have capitalized on the correction period to amass significant amounts of SOL. For instance, a whale converted MEW tokens to SOL using a dollar-cost averaging (DCA) approach.
The whale bought 416.8 million MEW in mid-July for 10,000 SOL ($2.42 million). They made a profit of 6,270 SOL ($1.52 million) when they liquidated the entire $MEW stake in November for 16,270 SOL ($3.94 million).
These actions demonstrate the whales’ trust in Solana’s long-term potential.
Solana Ecosystem Growth
On-chain activity on the Solana network has increased dramatically, setting new benchmarks for user engagement and decentralized finance (DeFi) acceptance. The blockchain’s active addresses reached an all-time high of 24 million on Nov. 19, indicating increased interest in the network’s effectiveness.
On Nov. 25, SOL’s trading volume on decentralized exchanges (DEX) nearly doubled Ethereum’s $55 billion for the month, reaching $100 billion. This accomplishment shows the network’s growing dominance in the DeFi field.
The rising interest in meme-themed digital currencies inside the Solana ecosystem has also increased the network’s popularity. However, revenue figures fluctuated after overall earnings fell from $6.93 million on Nov. 22 to $3.7 million on 28, according to data from the leading DeFi dashboard, DefiLlama.
Despite this decline, SOL’s price has risen 39.4% over the past 30 days, trading at $243 at the time of writing after hitting a 3-year high of $263 on Nov. 23, 2024. Should its price hit the anticipated $276 threshold, SOL might overtake Tether to become the third-largest cryptocurrency in the world.
SOL’s 7-day Price Chart. | Source: CoinMarketCap