Solana Whales Fuel Market Recovery with $9.7 Million in SOL

Solana's market recovery on May 21st saw whales add millions worth of SOL tokens to their holdings, aligning with the cryptocurrency's breakout from a tight consolidation range.

The accumulation of SOL tokens by whales could lead to further upside momentum in the short term. This is supported by data showing that two newly created wallet addresses received large SOL transfers over the past 24 hours.

According to Onchain Lens, one wallet address received $7.56 million worth of SOL from FalconX, while another received $2.11 million worth of SOL from Binance. The data suggests that whales are positioning for longer-term upside.

Nansen data indicates that the top 100 Solana wallets increased their holdings by 59.95% over the past day, reflecting stronger confidence among large holders and supporting bullish market sentiment.

Derivatives metrics also lean slightly bullish at press time, with CoinGlass data showing Solana's Funding Rates flipping positive and climbing to 0.0073%. Historically, SOL often rallies after Funding Rates shift from negative territory into positive levels.