Solana whales add $9.7M in SOL – Can bulls now push past $87?
As Solana attempted recovery on the 21st of May, crypto whales added millions worth of SOL to their holdings. The accumulation aligned with SOLs breakout from a tight consolidation range, opening the possibility for further upside. At press time, SOL traded near $86.30 after gaining 1.85% over the past 24 hours. Meanwhile, Trading Volume jumped 38% to $43.66 billion, reflecting stronger participation from traders and investors. Why are whales buying SOL? Onchain Lens reported that two newly created wallet addresses received large SOL transfers over the past 24 hours. Wallet “8qBMv” received 88,004 SOL worth $7.56 million from FalconX. Meanwhile, wallet “ECgwn” received 24,500 SOL worth $2.11 million from Binance. The data showed one whale moved assets into a wallet while another transferred SOL for staking. Those moves suggested whales continued positioning for longer-term upside. However, Nansen data indicated broader whale interest beyond those two addresses. The platform reported that the top 100 wallets increased their SOL holdings by 59.95% over the past day. That increase reflected stronger confidence among large holders and supported bullish market sentiment. Source: NansenAre derivatives traders turning bullish? Derivatives metrics also leaned slightly bullish at press time. CoinGlass data showed Solanas Funding Rates flipped positive and climbed to 0.0073%. Historically, SOL often rallied after Funding Rates shifted