Solana Whales Flip $82M SOL As Top Altcoins Regain Momentum

The shifting altcoin landscape brings Solana back in the spotlight, serving as a wake up call for SOL’s top whales.

Whale flying above a big city, dumping a lot of Solana coins.
Created by Gabor Kovacs from DailyCoin
  • Solana performed a bullish crossover after the gradual market correction.
  • Bouncing back from monthly lows of $78, SOL is back in triple digits.
  • Blockchain analytics enterprise Santiment explains the trader sentiment shift.

This week, the rapidly growing Layer-1 blockchain Solana (SOL) continues its bullish streak. Solana’s native cryptocurrency scorched past the $100 mark again on Wednesday, January 31, 2024. After facing a gradual market correction this month, SOL found its footing at $79 and rebounded to triple digits in a week since the monthly lows.

The 25% upswing in SOL in the last seven days comes amid the rising popularity of Solana’s DeFi ecosystem. Popular dog-themed memecoins like Bonk (BONK) and Dogwifhat (WIF) served a powerful boost for the main token SOL, while the dynamic liquidity protocol Jupiter Exchange’s native coin $JUP was listed on the biggest crypto exchanges today, including Binance, Bybit, OKX, KuCoin, HTX, and more.

Sponsored

According to the blockchain data analytics firm Santiment, Solana is one of the three large-cap altcoins that managed to rebound substantially since last week’s overall cryptocurrency market correction. Indeed, SOL bounced back to triple-digit price after a two-week hiatus.

Along with Bittensor (TAO) and Helium (HNT), Solana scooped up double-digit gains due to a shift in investor sentiment. Specifically, the interest in speculative altcoins has risen as Bitcoin (BTC) calmed down in social and trading activity since last week after Grayscale’s ETF outflows slowed.

Whales on the Move: SOL on the Way Up to New High?

Meanwhile, the largest cryptocurrency whales are making large transfers on-chain, sparking the crypto community’s speculation. One whale shifted 150,000 SOL tokens from Bybit to an unlabeled cryptocurrency wallet address. Traders usually deem this a positive shift, as cashing out the cryptocurrency from an exchange hints at the intention to accumulate.

Shortly after this transaction, another cryptocurrency whale relocated a colossal 659,283 SOL between unmarked cryptocurrency addresses, converting to a massive $65.75M at stamped transaction time. However, the intention of this particular transaction is unclear due to both involved crypto wallets being unmarked.

Crypto chart analysts are marking the $104 resistance barrier as the next crucial conjunction for Solana’s way up. If the bullish crossover persists, Solana could aim to retest the $123.68 yearly high acquired on Christmas Day. In a bearish scenario, the support cluster at $78 has proven to hold SOL from sliding further. Still, much depends on the ecosystem’s development and trader sentiment in the coming weeks.

On The Flipside

  • Solana’s success isn’t exclusively determined by the altcoin market, as the Layer-1 substantially increased its stablecoin presence.
  • This month, Solana became the most popular blockchain for stablecoin transactions, taking up 33% of the overall stablecoin market.

Why This Matters

Solana is the top-performing large market capitalization altcoin of the year, whipping up 314% gains in the last 365 days.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.