Wealthy investors are purchasing millions worth of this digital currency
Crypto  

Wealthy investors are purchasing millions worth of this digital currency

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The cryptocurrency market experienced another bout of volatility last week, with significant fluctuations in value as traders strategically positioned themselves. Notably, several millionaire investors have amassed millions of dollars worth of Solana (SOL) and have been actively engaged in onchain activities.

Three whale addresses stood out with their purchases, followed by staking the tokens to generate passive income, as reported by Lookonchain. These millionaire investors have demonstrated their intention to hold mid to long-term positions by purchasing SOL, withdrawing it to self-custody, and staking it.

This behavior is notably different from the prevalent short-term, highly speculative gains observed recently. Many millionaire Solana addresses were using SOL to purchase and bet on memecoins, which are often associated with rug pulls, according to signals highlighted by Finbold.

Finbold’s findings, in addition to data retrieved from Arkham Intelligence on October 27, further support this observation.

Bullish: 3 Millionaire Solana Investors Accumulate and Stake SOL

Firstly, the address ‘AA21BSr(…)’ withdrew 153,511 SOL from Binance over the past six days, amounting to $26.4 million. The millionaire investor then staked most of these holdings through Marinade Finance’s liquid staking and acquired MSOL tokens.

Secondly, ‘EGzicbS(…)’ added 13,000 SOL to an existing position of 95,651 SOL, totaling $16.83 million. However, this position remained liquid in the native token without staking and could be sold at any time.

Lastly, ‘EHax4mB(…)’ purchased and withdrew $6.12 million worth of 35,498 SOL from Binance and Kraken over three days. This millionaire investor also opted for Solana’s liquid staking, this time on the Jito Network, and acquired JITOSOL.

Liquid staking allows investors to maintain mid to long-term investment intentions while remaining liquid and participating in decentralized finance (DeFi) protocols, including those for yield farming.

Solana Price Analysis

Meanwhile, Solana is currently trading at nearly $175 per token and has been experiencing a seven-month downtrend despite its positive year-to-date (YTD) performance. In summary, SOL has gained 72.66% YTD but has formed its third consecutive lower high since March.

Renowned cryptocurrency trader and analyst Alan Santana has placed his “last short” SOL premium trade as the downtrend continues.

The market thrives on controversial stances and investment decisions, with bulls and bears standing their ground. Millionaire investors and traders now eagerly anticipate what the last two months of 2024 hold for Solana and cryptocurrencies as a whole.

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