O Solana price It briefly surpassed $200 before falling again last week. This move triggered a wave of movement across the market, and the whales are now showing their hands. During the last day, there have been a number of notable whale transactions and their fates could give an idea of how these transactions big crypto investors are looking at the market now.
Solana whales move hundreds of millions of dollars SUN
The whale movements began on Monday as the market began to slow down, with the price of Solana falling below $190. On-chain data tracking platform Whale Alert reported these transactions, some of which appeared to happen at a next to each other.
The first transaction it was the one carrying 993,453 SOL, which was worth US$189.55 million at the time. Then, minutes later, the tracker reported the movement of another 1,895,729 SUN worth US$361.7 million. Not long after, reported a third transaction carrying 1,096,940 SUN worth US$209.29 million. So the last transaction in this line of transactions was 1 million SOL, valued at US$190 million at the time of the transaction.
Now all this Solana Transactions they originated from unknown wallets and their destination was also unknown wallets. This means that the owners of these wallets are not publicly known and their addresses have not been labeled. In these cases, it could suggest that these whales are selling their tokens over the counter in order to minimize the impact of their sale on the market. However, it could also be that these whales are just redistributing their coins.
However, the whales’ movements did not end here, as a few hours later, the current tracker would report the movement of large quantities of SUN once again. This time, a whale moved 149,999 SOL worth just over $27.79 million from an unknown wallet to the Binance exchange.
This transaction differs from the previous four transactions in that its destination is a crypto exchange. Typically, when investors transfer their coins to exchanges like Binance, it is to sell their tokens and a $27.79 million sale could put a lot of pressure on the market. SOL Price.
The next whale transaction reported after that it was a more positive movement that involved the movement of 146,121 SUN worth US$26.83 million from the Kraken exchange to an unknown wallet. In this case, it is likely that the whale is withdrawing its coins to store while waiting for better prices. This reduces selling pressure on the asset.
Even with these whale movements, the SOL Price continues to hold up very well. If the selling pressure continues to fall and the pressure of Bitcoin’s price decline is finally relieved, then SOL Price it could quickly rise above $200 once again.
SOL price loses footing at $180 | Source: SOLUSD on Tradingview.com
Featured image from The Block, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s opinion on buying, selling or holding any investments and, naturally, investing carries risks. We advise that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.