The big players in Solana are active again. Recently, two major investors re-engaged, acquiring $18.5 million worth of SOL tokens in a day. This has sparked interest among experts and market participants.
Current Purchases and Investor Activity
One investor, who had decreased activity for almost a year (wallet “GJwCU”), unexpectedly re-emerged and acquired nearly 31,000 SOL tokens, amounting to $6.24 million. Previously, they earned over $8 million on SOL trades. Another major investor (wallet “5qDx”), after a two-month lull, made an even larger purchase, acquiring over 61,000 SOL tokens worth $12.4 million.
ETF Approval Opportunities
The scenario around the possible Solana ETF approval is also generating interest. When Grayscale filed to convert their Solana Trust into an ETF, the SEC did not reject it right away but officially acknowledged the submission on February 6, which gives hope for approval in October. "Notable because this is the first time the SEC acknowledged an ETF tracking a currency previously called a 'security'," explains Bloomberg’s Eric Balchunas. However, legal challenges remain, and some experts, such as James Seyffart from Bloomberg, believe approval won't occur before 2026 due to ongoing litigation against crypto exchanges.
Current SOL Price and Market Sentiment
Currently, the price of SOL is $203.76, up 1% in the last 24 hours, with a trading volume of $3.93 billion. The token has shown volatility, with price changes from $199.59 to $208.83. Despite this, analysts remain optimistic. Crypto expert ‘VipRoseTr’ highlighted that SOL is holding strong support levels and could soon reach $296. If this occurs, SOL might even surpass $300, marking a new high for the cryptocurrency.
The activity of large investors in the Solana market, as well as the possibility of ETF approval, make the current period interesting for observers of the cryptocurrency market. Despite instability and legal challenges, forecasts remain positive, and many expect significant changes in the near future.
