A major transaction has drawn attention to Solana after an investor purchased 1.77 million SOL—valued at $223 million—on Kraken. The entire amount was immediately staked, signaling confidence in the blockchain’s long-term growth.
Whale Accumulation and Staking Reduce Available Supply
Blockchain monitoring platforms confirmed that a newly created address withdrew 1.77 million SOL from Kraken before locking it into staking. Staking removes tokens from circulation for a set period, reducing selling pressure on the market. Such action indicates a long-term commitment rather than short-term speculation.
Staking Rewards and Institutional Interest in Solana
Based on current staking rewards, the whale could earn up to $17 million in a year if the SOL price remains stable. Use of liquid staking models could increase potential rewards to $23 million.
Impact on Future Price Movements
This large-scale accumulation and staking event indicate strong confidence in Solana. With more tokens being locked, the market will closely watch how this affects future price movements.
The large-scale accumulation and staking of SOL highlight confidence in Solana’s future, potentially attracting further interest from institutional investors.
