Solana (SOL) has had a few volatile days recently. After a big drop in April, which saw the price drop from $200 to $120, the currency now appears to be on the way to recovery. The current price is around $155, up 15% in the past week.
Major crypto whale acquires Solana for millions
An important factor that may have contributed to this price increase is the interest of large investors, also known as whales. According to on-chain data from Whale Alert, a wealthy wallet recently purchased more than $38.6 million worth of SOL from the well-known crypto exchange Binance.
Whales therefore appear to be taking advantage of the lower price of Solana (SOL). On May 4, an unknown wealthy address purchased a whopping 267,000 SOL tokens on the Binance exchange. This is not the only purchase from this investor; Previously, the same whale also acquired almost 50,000 SOL for more than $7.20 million.
Is this the time to buy Solana?
A notable transaction was also recorded in which $1.6 billion worth of Solana was moved between two private wallets. This increased trading volume by whales indicates that they are using current low prices as a buying opportunity, a scenario that often precedes a sustained price rally.
These strategic purchases by whales could play a crucial role in the recovery of the SOL price to above $200. Despite this popular altcoin still being over 40% below its November 2021 peak, these recent moves show that significant confidence remains in Solana’s potential.
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