Solana (SOL) has recorded mixed institutional patterns in the last 48 hours, with bulls looking to recover. Crypto whales have withdrawn the asset from centralized exchanges, backing a long-term price surge despite the general market sentiment. Analysts cite anticipation for spot Solana ETFs as reasons for the swing buys. Recent purchases also resulted in profits following slight gains.
SOL Whales Mount Buying Pressure
New data from crypto analytics firm Spotonchain shows whales withdrawing assets from Binance and OKX. In the last 24 hours, a whale transferred 61,319 SOL worth approximately $12.4 million from Binance. This whale was dormant for two months before showing signs of a bullish drive, raising eyebrows on the following market direction.
“A smart whale resurfaced after 2 months and withdrew 61,319 $SOL ($12.4M) from #Binance and #OKX at ~$202.53 today! Previously, this whale had completed 2 $SOL trades between Dec 27, 2023, and Nov 30, 2024, earning an estimated total profit of $8.47M (+38.9%) with a 100% win rate.”
Last week, SOL funds saw $11.2 million, boosting year-to-date numbers above $46 million. The asset remains an institutional favorite after outpacing the market in cycle peaks. Solana whales have backed a price uptick based on spot ETF expectations. These products will open up a new investment window for traditional investors.
The community backed their projections with the successes of spot Bitcoin products, which dominated mainstream finance. After months of skyrocketing inflows, investors turned to altcoin ETFs, starting with Ethereum. Amid rising Wall Street optimism, ETH products fell short compared to Bitcoin’s gains.
Solana products are tipped along BTC’s lines because of consecutive institutional inflows and rising decentralized finance (DeFi) volume. So far, Canary Capital, 21Shares, VanEck, and Bitwise have filed for spot SOL ETFs with the SEC.
Altcoins Follow Solana’s Lead
The crypto market battles recent exits due to unfavorable market conditions. Following Bitcoin’s slump below $100K, altcoins nosedived, positing double-digit losses. However, recent whale accumulation in the dip shows signs of an upward run. Solana’s price stands at $196.7, up 0.1% today, while weekly positions slumped 4%.
XRP and Ethereum also posted slight gains today with similar whale activity. With heightened trade volumes, both assets surged over 1.5% in the last 24 hours.