Solana Whale Activity Signals Possible Rally As MSTR Faces Tests

On-chain data shows repeated accumulation of SOL by major owners, pointing to growing trust in the Solana ecosystem.

The first hours of 2026 reveal the crypto market at a crossroads.

While significant whale activity on the Solana network indicates a potential price recovery, Bitcoin’s Aggressive Rally Strategy (MSTR) is drawing increased investor criticism as the stock struggles.

Whale movement and institutional flow Build Solana’s Case

Data from analytics platform Santiment shows “heavy buying activity” across Solana-based tokens, with several major holders repeatedly earning 10 SOL figures or more. This on-chain activity suggests continuous interest from large investors, possibly in anticipation of a positive development or price appreciation of the ecosystem.

This trend is consistent with recent facility flow data. According to the latest CoinShares report, Solana’s investment products attracted $7.5 million in new capital last week alone. Since the launch of US-listed Solana ETFs in mid-October, these products have seen inflows exceed $1.3 billion.

This steady demand exists against a backdrop of broader market pressure, where digital asset investment products overall experienced outflows of $446 million last week. XRP products similarly defied the trend, collecting $70.2 million, with Germany emerging as a notable buying destination, adding $35.7 million.

Big Strategy Bets Meet Market Skepticism

In stark contrast, Strategy’s monumental Bitcoin game is facing increasing scrutiny, with the company, led by executive chairman Michael Saylor, announcing its latest purchase of 1,229 BTC on December 29, 2025, at an average price of 88,568 per unit.

This fueled a buying spree that ballooned its holdings from 252,220 BTC ahead of the 2024 US election to 672,497 BTC, at an estimated price of $74,997 per coin.

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Despite treasury growth, MSTR’s market performance has been weak. Sentiment’s New Year’s analysis noted the company’s stock price is down nearly 50% by 2025, a decline that outpaces Bitcoin’s own decline of 6% per year.

This underperformance has divided investor opinion, with some viewing the strategy as a long-term bet on Bitcoin and others seeing it as a value-destroying risk for shareholders.

In addition, the departure of traditional investment legend Warren Buffett from Berkshire Hathaway, noted in the social debate as a sign of “the end of an era,” coincided with the emergence of surprisingly different philosophies that now dominate financial affairs.

As 2026 begins, Santiment’s data shows the market narrative is divided between the cautious optimism of certain organics such as Solana, which is evidenced by on-chain and institutional support, and deep questions about the sustainability of Bitcoin’s business strategies that have punished equity holders so far.