The value of Solana (SOL) jumped 9% to reach $137 as whales accumulated millions of dollars' worth of the cryptocurrency.
One major investor purchased 50,000 SOL, while others staked 41,096 SOL, reducing the available supply and potentially stabilizing prices.
Open interest in Solana futures increased from $2.2 billion to $2.7 billion, showing continued interest from leveraged traders.
Historically, whale activity has influenced SOL's price, with previous acquisitions resulting in price spikes, suggesting a positive outlook for the cryptocurrency.