Solana Price Rises 9% Amid Surge in Whale Activity

Buscar, ES — The ongoing activity of cryptocurrency “whales” has significantly impacted the market value of Solana (SOL), with the token rising 9% to approximately $137 as of March 2, 2025. Wealthy investors are purchasing large quantities of SOL, leading to increased momentum in the market.

Recent data from Lookonchain revealed that a prominent investor bought 50,000 SOL, valued at nearly $7 million. Additionally, other whales have staked a total of 41,096 SOL, worth about $6.90 million. This buying activity may help stabilize the token’s price by reducing available supply, a pattern that is not new for Solana.

“Historically, whale acquisitions have led to significant price spikes,” said a cryptocurrency analyst. “Traders are optimistic that this trend will continue.” Recent reports from Lookonchain indicated that another whale withdrew 54,544 SOL ($7.46 million) just hours prior, illustrating the increased whale interest.

The futures market for Solana has also seen a rise in open interest, growing from $2.2 billion to $2.7 billion, which suggests that traders are still eager to leverage their positions in SOL. The Relative Strength Index (RSI) has approached the overbought zone, currently hovering around 68, indicating a tightening market situation. Some traders are wary, as an RSI above 70 could signify a potential downturn.

The Moving Average Convergence Divergence (MACD) indicator currently shows strong buying momentum, which traders often use to assess whether an asset will continue to rise or if a reversal is forthcoming. The recent surge in whale activity aligns with Solana’s historical price behavior, suggesting that large purchases may lead to upward price movements.

In November 2024, SOL reached an all-time peak of $262 after whales accumulated $35 million worth of the token within just two days. Since then, an individual whale has acquired over 257,000 SOL, amounting to nearly $54 million, contributing to Solana’s market cap exceeding $100 billion, solidifying its status as one of the leading altcoins.

The short-term outlook for Solana remains positive as whales continue to increase their holdings. However, traders are advised to monitor market signals closely, especially as the RSI approaches overbought conditions. Maintaining this bullish momentum will rely on continued demand and the influx of new investors.