Recent Solana activity on the blockchain reveals significant whale movements as investors stake $SOL in growing volumes. Key whale accounts have withdrawn substantial Solana ($SOL) amounts from major exchanges, primarily Binance and Kraken, channeling the assets into staking activities.
This accumulation has driven the significant volume of $SOL and the potential market implications of this activity. Lookonchain, an on-chain crypto analytical platform, shared the facts and figures of the $SOL accumulations through its official social media platform, X.
Major Account Withdrawals Indicate Strong $SOL Demand
Over the past week, the whale account identified as AA21…VxH9 made a withdrawal of 153,511 $SOL from Binance, valued at approximately $26.4 million. According to blockchain data, this entire amount was swiftly moved to staking, highlighting a significant transfer of assets from exchanges into long-term holds. Similarly, another whale account, EHax…gAUa, moved 35,498 $SOL, worth around $6.12 million, from Binance and Kraken over the last three days, directing it toward staking.
Whales Holdings Grow in Solana as Staking Dominates
A separate account, EGzi…mR7g, recently withdrew 13,000.8 $SOL, valued at roughly $2.3 million, just hours ago. This account holds 95,651 $SOL, equating to $16.83 million, signifying that major investors are increasingly positioning their holdings in Solana. The concentration of staking by whale accounts suggests confidence in Solana’s future performance.
These whale movements align with a broader trend of institutional interest and confidence in the Solana network. Large withdrawals from exchanges and subsequent staking activities often signal positive sentiment toward the asset, suggesting that major investors view Solana as a viable long-term investment. Whale activity of this magnitude and consistent staking reinforce an atmosphere of stability and anticipated growth around $SOL.
The graph shows the 24-hour price movement of Solana ($SOL), which opened at around $168 and experienced a steady upward trend, reaching a peak of $176, a 4.69% increase. This rise in value is accompanied by a daily trading volume/market cap ratio of 2.80%, indicating active trading activity relative to its market cap. The chart reflects positive market sentiment, with consistent gains throughout the day, suggesting increased investor interest in Solana within this period.
