- A $155 million Solana transfer by a whale sparks fresh momentum in the crypto market.
- Solana’s price jumps as ETF debut outperforms XRP and futures products on day one.
- Rising trading volume and bullish signals position Solana ahead of top altcoins this week.
A massive transfer involving 1 million Solana (SOL) tokens has caught the attention of traders and market watchers. The tokens, worth over $155 million, were moved in a single transaction between two unidentified wallets.
According to blockchain tracker Whale Alert, the transaction has fueled speculation across the crypto space. The whale could be repositioning funds in the portfolio or even transferring assets to a safer destination.
Following the transfer, Solana’s trading activity recorded a sharp increase. Market interest improved as the trade volume increased by 27.86 percent to 4.11billion in the past 24 hours.
The activity also caused Solana to react positively in price, advancing by 3.81 percent to $155.57 after trading at $147.39. This trend is a sign of a comeback, with SOL being driven towards recovery.
Market participants have noted that Solana has outperformed major altcoins over the past seven days. Its steady increase in price has made it rank higher than Ethereum and XRP in terms of weekly gain.
Also Read: Ripple Applies for U.S. Banking License in Bold Move to Boost XRP Utility
New Solana ETF Debuts with Strong Market Reaction
In a separate development, the first U.S.-listed Solana exchange-traded fund (ETF) has launched on the Cboe BZX exchange. The product is the first staking-enabled ETF in the country and recorded $33 million in volume on its first trading day.
Unlike traditional ETFs, the Solana fund avoided the usual approval pathway. Although this launch did not follow the conventional approach, it still led to a greater volume than in the case of XRP or Solana futures at their debut.
Reflected in the ETF’s strong debut, investor interest in Solana-based investment vehicles is growing steadily. This has been joined by increased whale activity, increasing demand, and trading activity around SOL.
The market excitement has been lit up by the $155 million whale transfer and the release of the first ETF in the U.S. based on Solana. These two consecutive news items are driving Solana up in price and volume as investors anticipate further movement.
Also Read: Vitalik Buterin Exposes Hidden Dangers Threatening Crypto Decentralization
