Whales Drive Solana's 9% Surge to $137

Solana's price surged by 9% recently, reaching approximately $137, as large investors, known as "whales," quietly accumulated millions of dollars' worth of the cryptocurrency. Technical indicators suggest a strong momentum and growing open interest, keeping traders optimistic and engaged.

One major investor purchased 50,000 SOL, worth nearly $7 million, while another whale staked 41,096 SOL, or $6.90 million. These buying activities could help stabilize prices by reducing the available supply. This type of whale appetite is not new for Solana, as significant acquisitions have historically resulted in price spikes, and traders anticipate that this trend will continue.

Open interest in Solana futures has increased from $2.2 billion to $2.7 billion, indicating that players with leveraged holdings remain interested. The Relative Strength Index (RSI) is approaching the overbought zone, while the Moving Average Convergence Divergence (MACD) flashes a strong signal, supporting the upward trend.

Historically, whale activity has been a significant factor in the price movement of Solana. In November 2024, SOL reached an all-time peak of $262 due to a $35 million purchase by whales in just two days. Since late October 2024, a single whale has amassed over 257k SOL, worth almost $54 million, contributing to Solana's market capitalization surpassing $100 billion.

Solana's short-term outlook is favorable, with whales continuing to increase their holdings and open interest growing. Traders should monitor indications of a potential correction as the RSI approaches overbought territory. The bullish momentum remains unabated, and as past trends indicate, whale accumulation could be pointing to more upside movement. Solana's ability to sustain this trend depends on the duration of the purchasing pressure and the influx of new investors.