Crypto Whale Buys $3.72M in Solana, Boosting Bullish Sentiment

A crypto whale has recently made a significant investment in Solana (SOL), purchasing 32,000 tokens valued at approximately $3.72 million. This acquisition comes six months after the whale's last purchase of 39,310 tokens, demonstrating a consistent pattern of support for Solana across various price cycles. The whale's previous purchase of 30,541 SOL three years ago, when the asset was trading at $216, highlights a long-term investment strategy. Despite the asset's sharp drop in value, the whale did not sell, indicating confidence in a potential market recovery.

This recent accumulation by the whale coincides with a broader trend of bullish sentiment in the crypto market. Digital assets experienced a significant spike in prices, aligning with the recovery of traditional assets. The renewed demand for Solana has been driven by several factors, including the announcement of a 90-day tariff pause by President Trump, which led to a surge in crypto prices alongside stocks as trillions flowed into the U.S. markets. This influx of capital has turned the tide for SOL charts, with long-term holders signaling a potential price target of $150.

In addition to whale purchases, the rollout of confidential balances on the Solana network has contributed to the asset's positive traction. Confidential Balances is a set of token extensions that enable configurable privacy features, such as encrypted balances and transfers, mint/burn operations with discrete total supply, and discrete fee handling. These features are secured with ZK proofs and ElGamal encryption, making them implementation-ready for server-side Rust backends and custodial solutions.

Institutional demand for crypto assets has also surged in response to recent macro events. Bitcoin ETFs recorded inflows, and major crypto purchases set the tone for the second quarter. Institutional investors are increasingly interested in spot altcoin ETFs, which are expected to boost market participation. At the time of writing, SOL’s price stands at $111.8, with a market cap above $57.3 billion. While Solana's rebound has sparked wider interest, XRP dominated altcoin gains in the last 24 hours, posting a massive 10% recovery in hourly trading data.