Whale activity on Solana has gained attention as over 62,000 dormant wallets became active after more than a year. This surge occurred amid increased trading volume on Solana decentralized exchanges, surpassing several major exchanges, while the SOL price remains below a critical resistance level.
Data from Solana Daily indicated that more than 62,000 dormant wallets that had not been active for at least 12 months returned to Solana decentralized exchanges last week. This number is four times higher than the previous week and represents the highest level of wallet reactivation in over a year.
While the data does not clarify the ownership of these wallets or their intended actions, traders are closely monitoring the situation. Large holders often shift assets ahead of significant market movements, raising speculation about their possible motives.
There is no definitive evidence that these wallets are preparing to sell. They may be transferring funds, changing wallets, or preparing to trade after an extended period of inactivity. Nonetheless, the timing has prompted questions about whether seasoned holders are perceiving market signals that others have overlooked.
This activity coincides with ongoing pressure on the SOL price, which has heightened interest in the recent wallet movements. On-chain data is only one aspect of market dynamics and does not guarantee future price movements. However, a simultaneous activation of numerous long-dormant wallets typically signals traders to remain vigilant for potential market changes.
In addition to the wallet activity, strong trading on Solana decentralized exchanges continues. Market researcher Zensei reported that Solana DEXs recorded higher seven-day spot trading volumes than Bybit, Coinbase, and Kraken. This marks the fourth consecutive week of robust trading activity on Solana platforms.
The combination of increased wallet activity and sustained trading volume has made Solana a focal point for traders, especially as they assess the implications for SOL’s price trajectory.
