Solana (SOL), the fourth largest cryptocurrency in the market, recently experienced a slight halt in its all-time high rally. Despite this, crypto whales seem to be taking advantage of the situation. Data from Lookonchain revealed that a whale had acquired $60 million worth of SOL over the past month. This suggests that there is strong interest and investment in Solana, even during times of price corrections.
In the last 7 days, SOL’s price suffered an 8% decrease as it underwent a mild correction following a significant rally. However, the Solana ecosystem market cap reached over $342 billion, showing the growing popularity of the Pump.fun platform and newly emerged SOL-based meme coins. This indicates a vibrant and active community around Solana, which continues to attract investors and traders.
According to Lookonchain data, two wallets have collectively accumulated more than 250,000 Solana coins from Kraken in the past month, which amounts to approximately $60 million. This suggests significant investment activity within the Solana ecosystem, with the possibility that these two wallets belong to the same individual or entity. The accumulation of such a substantial amount of SOL indicates confidence in the long-term potential of the cryptocurrency.
Despite the recent price drop, Solana has seen a remarkable 34% increase in its price over the past 30 days. Currently trading at an average price of $241.31, Solana hit its all-time high of $263.83 on November 23, surpassing Binance Coin (BNB) in market capitalization. The 24-hour trading volume for SOL stands at $3.76 billion, reflecting the continued interest and activity surrounding the cryptocurrency.
Additionally, Pump.fun, a platform within the Solana ecosystem, has been active in the market, with data showing that a linked wallet deposited 65,000 SOL (equivalent to approximately $15.23 million) to Kraken. This indicates ongoing trading and investment activity within the ecosystem, with Pump.fun playing a significant role in the buying and selling of SOL tokens. The growth in trading volumes and the emergence of new projects within the Solana ecosystem point to a strong and dynamic market environment for investors and enthusiasts.
In conclusion, Solana’s recent price fluctuations have not deterred crypto whales from accumulating significant amounts of SOL, as evidenced by the large transactions recorded in the past month. The growing market cap of the Solana ecosystem, along with the increasing popularity of projects like Pump.fun, indicate a bright future for Solana in the crypto space. As the cryptocurrency market continues to evolve, Solana remains a key player to watch, with potential for further growth and adoption in the coming months.
