Following a slight correction in its price, Solana (SOL) has resumed notable growth due to whale accumulation of the token. Transaction data reveals activity that is capturing analysts' interest.
Large Transfers of Solana
On July 21, a total of 1,079,999 SOL, worth over $206.7 million, was moved in two separate transactions among unknown wallets and the leading cryptocurrency exchange Coinbase. The transfers were conducted in less than five minutes.
Methods and Reasons for Transfers
The first transfer involved 540,000 SOL withdrawn from Coinbase. The second transfer of 539,999 SOL was also directed between two unknown wallets. Commentators suggest this might be a redistribution or internal reshuffling of previously purchased tokens.
Current Market Analysis
Solana recorded the second-highest daily gains among the top ten cryptocurrencies, surging by 8.36% in the last 24 hours, reaching a price of $196.87 at press time. Increased transfers and price growth may indicate long-term accumulation by major players, which could lead to further gains.
The activity of whales and the notable price increase of Solana create positive expectations for the future of the cryptocurrency. Investors are showing growing interest in Solana, which may foreshadow the achievement of a new all-time high in the upcoming bull market.
