- A Solana whale purchased 32,000 SOL worth $3.72 million, signaling strong confidence in the asset’s long-term potential.
- Analysts highlight a potential SOL price breakout as it reclaimed its 50-day moving average near $125.
After seeing heavy selling pressure and dropping to $97 levels earlier this week, Solana (SOL) price has bounced back and is trading up 7.7% at $114 levels, with its market cap touching $60 billion, with daily trading volumes at $6.3 billion. Furthermore, with Paul Atkins getting appointed as the permanent chair of the U.S. Securities and Exchange Commission (SEC), hopes are high for a spot for Solana ETF approval.
Solana Price Rally to Begin Soon After Heavy Whale Buying?
Although the Solana price is down 50% since the beginning of 2025, analysts are now predicting a bounce adding that the bottom formation is already in. This comes as the broader crypto market recovered along with US equities on Wednesday, thereby pulling SOL above the crucial support level of $100. As of press time, SOL is trading 7.41% up at $114.65 levels.
Furthermore, the Coinglass data shows that the SOL futures open interest is up 2.41%, showing bullish optimism among traders. Investors viewed the news as a sign of easing inflationary pressures and improved dollar liquidity, especially if dovish macroeconomic trends persist into Q2.
Solana’s performance also carried technical importance, as it reclaimed its 50-day moving average of around $125. The asset now seems to be establishing a foundation for a potential breakout.
On the other hand, big players are now dipping their toes into buying SOL. According to SOLScan data, a prominent crypto whale purchased a massive 32,000 Solana (SOL) worth $3.72 million following a six-month break.
This whale’s investment strategy indicates strong confidence in Solana’s potential. Notably, three years ago, the same whale acquired 30,541 $SOL for $6.61 million at a price of $216 per token.
Will Solana ETF Come to the Market This Year?
With the appointment of Paul Atkins as the chairman of the U.S. Securities and Exchange Commission (SEC), hopes of a spot Solana ETF have surged significantly among crypto investors. The Republican former commissioner, known for his long-standing crypto-friendly stance, has fueled speculation that his leadership could formalize ETF evaluation for altcoins like Solana, Dogecoin, XRP, and others.
Approval of a SOL ETF would enable institutional investors to gain exposure to Solana and other cryptocurrencies without the need to directly hold the assets on-chain. Furthermore, there have been key developments for the Solana ETF push this year despite strong SOL price correction.
Earlier this year, in February, the Depository Trust & Clearing Corporation (DTCC) listed the first-ever futures Solana ETFs, named SOLZ (Volatility Shares Solana ETF) and SOLT (Volatility Shares 2X Solana ETF), and issued by asset manager Volatility Shares, as reported by CNF.
Additionally, last week, the US SEC acknowledged Fidelity’s Solana ETF, as the approval chances for the same surged to 89%, as mentioned in our last report.
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