A Solana whale returned after eight months of inactivity to buy $8 million worth of SOL, a day after two other whales purchased $33.5 million in the token. The buying comes as SOL consolidates between $104 and $105 following a pullback from $110, with trend indicators still pointing bullish.
Lookonchain reported that a whale bought 76,856 SOL worth $8 million from Hyperliquid after sitting out of the market for eight months. The purchase follows a separate move a day earlier, when two whales bought a combined $33.5 million worth of SOL, according to the same on-chain tracker.
Whale buying builds on ETF inflows
The accumulation adds to a broader pattern of demand from large holders. Solana Spot ETFs recorded $138 million in net inflows, and whales have been buying aggressively since SOL crossed the $100 mark. However, Solana Spot Netflow sat around -$4.5 million at the time of writing, reflecting higher exchange outflows even as accumulation continues.
Solana surged to $110 before dropping to a low of $102 amid a broader market slowdown, then began consolidating and trading sideways. At press time, SOL traded at $105 after rising 1.4% on the day, adding to a 13% weekly gain. Meanwhile, altcoin trading volume dropped 64% to $1.8 billion, pointing to reduced overall market activity.
Futures market shows mixed signals
Speculative activity cooled alongside the broader slowdown. Over twelve hours, $471.85 million flowed out of the futures market while only $456 million flowed in, a sign that traders using leverage pulled back from open positions.
Still, trend indicators point to underlying strength. The ADX with SMA indicator showed the +DI hovering above the -DI, with the ADX and SMA also positioned above it, while the Bull-Bear Ratio held positive, suggesting bulls retain control of the market. If whales keep buying and futures traders resume opening positions, the trend could resume, pushing SOL back above $105 toward the $110 level where the previous rally stalled. If sellers keep dominating derivatives markets, the sideways move is likely to continue.
Source: AMBCrypto
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