- Solana whales accumulated millions in SOL as the token attempted a recovery above key support.
- Nansen data showed the top 100 SOL wallets increased holdings by nearly 60% in one day.
- Bulls now need a confirmed breakout above $87.21 to potentially trigger a rally toward $95.62.
Solana is starting to regain attention again after whales quietly accumulated millions of dollars worth of SOL during the network’s latest recovery attempt. The buying activity arrived just as SOL pushed out of a tight consolidation zone on May 21, creating fresh speculation that the token could be preparing for another move higher. At the time of writing, Solana trades around $86.30 after climbing roughly 1.85% over the past 24 hours.
What really stood out, though, was the sudden spike in activity across the market. Trading volume surged nearly 38%, reaching about $43.66 billion, a sign that both traders and larger investors are becoming more active again. That kind of increase usually signals rising interest rather than random noise, especially after a stretch of sideways price movement where momentum looked almost dead.
Whale Wallets Move Millions Into SOL
Onchain Lens revealed that two newly created wallet addresses received massive SOL transfers during the last 24 hours. One wallet, identified as “8qBMv,” received 88,004 SOL worth roughly $7.56 million from FalconX. Another wallet, “ECgwn,” received 24,500 SOL valued near $2.11 million directly from Binance.
The transfers appear to show different strategies unfolding at the same time. One whale seemed to be moving SOL into private storage, while another shifted tokens specifically for staking purposes. Either way, neither action looks particularly bearish. Large holders generally don’t move millions into staking setups unless they expect stronger long-term value ahead.
And it wasn’t just those two wallets drawing attention. Nansen data showed that Solana’s top 100 wallet addresses increased their holdings by nearly 60% in a single day. That’s a huge jump, honestly, and it adds another layer of confidence behind the recent buying activity. When large holders aggressively increase exposure while the broader market still feels uncertain, traders usually notice pretty fast.
Derivatives Data Starts Leaning Bullish Again
The derivatives market also began flashing early bullish signals. According to CoinGlass data, Solana’s Funding Rates flipped back into positive territory and climbed to 0.0073%. Historically, SOL has often seen upward price movement after funding rates recover from negative levels into positive ones, because it suggests traders are becoming more willing to bet on higher prices.
At the same time, Solana’s Long/Short Ratio moved to 1.016, showing a slight preference toward long positions across derivatives markets. It’s not an overwhelming imbalance yet, but it does indicate growing optimism among traders expecting more upside in the short term.
Still, sentiment hasn’t fully exploded into outright euphoria, which might actually be healthier for the market. Sometimes the strongest rallies begin when positioning slowly improves rather than becoming overcrowded all at once. Right now, SOL seems to be sitting somewhere in that middle stage — cautious optimism, but not mania.
Can Solana Push Toward $95?
From a technical standpoint, TradingView charts show SOL successfully breaking above a three-day consolidation range. That breakout matters, but bulls still face another important resistance area near $87.21. If buyers can secure a daily close above that level, momentum could strengthen fairly quickly and potentially open the door toward the $95.62 region.
That would represent roughly a 9% move higher from current prices, and traders are clearly watching that possibility closely. However, the breakout still needs confirmation. If SOL fails to break through resistance convincingly, the market could slip back into another frustrating sideways range.
There are also still some bearish signals lingering underneath the surface. SOL remains below its 50-day Exponential Moving Average, which suggests the broader trend hasn’t fully shifted bullish yet. Meanwhile, the Average Directional Index recently dropped to 16.52, reflecting weak directional momentum overall. In simple terms, the market has improved, but conviction still looks fragile.
For now, Solana feels like a market caught between growing whale confidence and a chart that still needs stronger proof. If momentum keeps building and buyers reclaim higher resistance zones, SOL could finally break out of its recent stagnation. But until then, traders will probably stay cautious — even with whales loading up behind the scenes.
