Investors with large Solana holdings boost their stake by nearly $10 million, prompting speculation about a potential breakout above the $87 threshold.

As Solana attempted recovery on the 21st of May, crypto whales added millions worth of $SOL to their holdings.

The accumulation aligned with $SOL’s breakout from a tight consolidation range, opening the possibility for further upside. At press time, $SOL traded near $86.30 after gaining 1.85% over the past 24 hours.

Meanwhile, Trading Volume jumped 38% to $43.66 billion, reflecting stronger participation from traders and investors.

Why are whales buying $SOL?

Onchain Lens reported that two newly created wallet addresses received large $SOL transfers over the past 24 hours.

Wallet “8qBMv” received 88,004 $SOL worth $7.56 million from FalconX. Meanwhile, wallet “ECgwn” received 24,500 $SOL worth $2.11 million from Binance.

The data showed one whale moved assets into a wallet while another transferred $SOL for staking. Those moves suggested whales continued positioning for longer-term upside.

However, Nansen data indicated broader whale interest beyond those two addresses.

The platform reported that the top 100 wallets increased their $SOL holdings by 59.95% over the past day. That increase reflected stronger confidence among large holders and supported bullish market sentiment.

Source: Nansen

Are derivatives traders turning bullish?

Derivatives metrics also leaned slightly bullish at press time.

CoinGlass data showed Solana’s Funding Rates flipped positive and climbed to 0.0073%.

Historically, $SOL often rallied after Funding Rates shifted from negative territory into positive levels. Meanwhile, Solana’s Long/Short Ratio reached 1.016, showing traders slightly favored long positions.

That setup suggested traders expected additional upside momentum in the short term.

Source: CoinGlass

Can $SOL rally another 9%?

TradingView’s daily chart showed $SOL breaking above a three-day consolidation range. However, bulls still needed to clear another resistance level near $87.21.

A daily close above that level could strengthen bullish momentum and open the path toward $95.62. That move would represent a potential 9% rally from current levels.

Source: TradingView

By contrast, failure to break above resistance could keep $SOL trapped in sideways movement. Even so, technical indicators still leaned bearish overall.

At press time, $SOL traded below its 50-day Exponential Moving Average (EMA), signaling the broader trend remained weak.

Meanwhile, the Average Directional Index (ADX) dropped to 16.52, reflecting weak directional momentum.

Final Summary

Solana [$SOL] whales accumulated nearly $9.7 million worth of tokens during the latest market recovery.

The top 100 $SOL wallets increased holdings by 59.95%, signaling stronger whale confidence.