ambcrypto.com 
As Solana attempted recovery on the 21st of May, crypto whales added millions worth of $SOL to their holdings.
The accumulation aligned with $SOL’s 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: Nansen
Are derivatives traders turning bullish?
Derivatives metrics also leaned slightly bullish at press time.
CoinGlass data showed Solana’s Funding Rates flipped positive and climbed to 0.0073%.
Historically, $SOL often rallied after Funding Rates shifted from negative territory into positive levels. Meanwhile, Solana’s Long/Short Ratio reached 1.016, showing traders slightly favored long positions.
That setup suggested traders expected additional upside momentum in the short term.
Source: CoinGlass
Can $SOL rally another 9%?
TradingView’s daily chart showed $SOL breaking above a three-day consolidation range. However, bulls still needed to clear another resistance level near $87.21.
A daily close above that level could strengthen bullish momentum and open the path toward $95.62. That move would represent a potential 9% rally from current levels.
Source: TradingView
By contrast, failure to break above resistance could keep $SOL trapped in sideways movement. Even so, technical indicators still leaned bearish overall.
At press time, $SOL traded below its 50-day Exponential Moving Average (EMA), signaling the broader trend remained weak.
Meanwhile, the Average Directional Index (ADX) dropped to 16.52, reflecting weak directional momentum.
Final Summary
- Solana [$SOL] whales accumulated nearly $9.7 million worth of tokens during the latest market recovery.
- The top 100 $SOL wallets increased holdings by 59.95%, signaling stronger whale confidence.
