Despite a monthly bearish run for Solana (SOL), today, May 4, brings an unexpected surge of optimism for the fifth-largest cryptocurrency by global market cap. Reflecting immense bullishness across the global crypto horizon, SOL has seen a remarkable price surge in the past 24 hours, projecting a torrent of positive market sentiments on the token’s cryptographic venture.

Further bolstered by a massive whale accumulation, a flurry of bullish thoughts on the token’s price action ahead took crypto market participants by storm.

Whale Buys $38 Mln Worth of SOL

According to the data streamlined by the on-chain analytics platform Whale Alert, 267,077 SOL, worth $38.63 million, was noted to have been accumulated by an unknown address today, May 4. Coming in tandem with SOL’s nearly 4% price upswing, the whale accumulation hints at a bright future for the token’s price trajectory ahead.

Further underlining the whale’s undeterred confidence in the asset, usual market sentiments convey a rising price trajectory for SOL ahead. Meanwhile, the accumulation also significantly jacks up the buying pressure, in turn aiding the SOL tokenomics.

It’s worth noting that Solana witnessed substantial corrections over the past month, with whales potentially seeing this as a chance to ‘buy the dip.’ Referring to Whale Alert’s data, one can clearly see such colossal SOL accumulations, as in the one mentioned above, occurred over the past week.

These whale transactions follow Solana’s monumental development, wherein it fixed its ‘network congestion issue,’ a setback that encountered SOL recently. Collectively, the abovementioned endeavors push Solana to glimmer with hope for a rising price action ahead.

Also Read: UNI Price Rallies 10% Amid Massive Whale Accumulation

Solana Price Rallies

Whereas, while writing, SOL’s price noted gains worth 3.71% in the past 24 hours and is currently trading at $147.32. Its 24-hour lows and highs are $141.09 and $148.94, respectively.

Coinglass data flagged a 3% jump in SOL’s open interest, further hinting at an increase in investors’ interest in the asset. However, the derivatives volume dipped 20.47%. This potentially paints an uncertain scenario for SOL in the short term, although the token may be poised for significant gains ahead, as pointed out by whale accumulations.

Also Read: Coinbase Exec Reveals Key Reasons Behind COIN Stock Retreat

The post Solana Price Jumps As Whale Heavily Bags SOL appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am