Solana News Today: Major Crypto Whale's Accumulation Strategy Signals Bull Market Confidence

A major cryptocurrency whale has expanded its long position in Solana (SOL) amid a broader strategy of allocating capital to top digital assets, according to on-chain analysts. The whale added 8,164.4 SOL to its existing longs, raising the total holdings to 569,050.58 SOL, valued at approximately $105 million at an average entry price of $198.22 per token, according to a Coinotag report. This move follows the whale's continued accumulation of Ethereum (ETH) and Bitcoin (BTC), with ETH longs now totaling 39,000 ETH (~$151 million) and BTC longs at 1,070.02 BTC (~$111 million), as reported by Coinotag.

The whale's strategy has been characterized by a 100% success rate in trades since October 14, with unrealized profits exceeding $13.4 million as of October 27, according to a Benzinga report. The investor's ETH position has an average entry price of $3,929, with a liquidation level at $2,777, while the BTC position averages $110,680, with a liquidation level at $77,725. The whale recently added a 10x leveraged long position in SOL, further diversifying its exposure to high-conviction assets.

Market analysts highlight the whale's actions as a barometer of sentiment in the crypto sector. "The sustained risk-on behavior among large liquidity holders underscores confidence in the current bull cycle," said an on-chain analyst. "Price action around key levels, such as $4,250 for ETH and $111,160 for BTC, will be critical in determining near-term momentum," the analyst added.

SOL's institutional appeal has also grown, with SOL Strategies reporting treasury holdings of 526,513 SOL (approximately 137 million CAD) as of November 3, according to a Lookonchain report. The firm converted 8,000 SOL into laineSOL, a staking derivative, and continues to stake the remainder in a validator node yielding 8.01% annual percentage yield (APY). The entity's September rewards alone totaled 787 SOL, reflecting robust network participation.

The whale's aggressive capital rotation into top crypto assets could influence November's price action if momentum persists. With the crypto market cap currently at $3.781 trillion and Bitcoin near $110,000, market participants are closely watching for signs of consolidation or further breakout potential, as noted by Coinotag.