New Year Trends: Solana Whale Activity Indicates a Potential Rally as MSTR Under Scrutiny

On-chain data shows repeated accumulation of SOLs by large holders, indicating growing confidence in the Solana ecosystem.

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

While notable whale activity on the Solana network signals a possible price recovery, Strategy’s (MSTR) aggressive Bitcoin accumulation is drawing increasing criticism from investors as stocks struggle.

Whale movements and institutional flows are a Solana issue

Data from analysis platform Santiment shows “heavy buying activity” for multiple Solana-based tokens, with several large holders repeatedly acquiring amounts of 10 SOL or more. This on-chain activity signals continued interest from major investors, possibly anticipating positive developments or price increases for the ecosystem.

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

This continued demand exists against the backdrop of broader market pressures, with digital asset investment products seeing outflows totaling $446 million last week. XRP products similarly defied the trend and raised $70.2 million, with Germany emerging as a notable buying region, with an added $35.7 million.

The enormous commitment of Strategy meets market skepticism

In stark contrast, Strategy’s landmark Bitcoin play is facing mounting criticism, 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 continued a buying spree that increased his holdings from 252,220 BTC before the 2024 US elections to 672,497 BTC, acquired at an average cost of $74,997 per coin.

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Despite growing government coffers, MSTR’s market performance has suffered. Santiment’s New Year’s analysis shows that the company’s share price fell nearly 50% in 2025, a decline that exceeded Bitcoin’s modest 6% decline over the year.

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

Moreover, the departure of traditional investing legend Warren Buffett from Berkshire Hathaway, noted in social discussions as a symbolic “end of an era,” coincidentally highlights the starkly different philosophies that now dominate financial news.

As 2026 begins, Santiment’s data shows that the market narrative is divided between cautious optimism for specific ecosystems like Solana, evidenced by on-chain and institutional support, and deep questions about the sustainability of the Bitcoin strategies of companies that have thus far punished shareholders.