Solana Whales Move Large Amounts of SOL, Raising Sell-Off Concerns

Today, significant movements by Solana (SOL) whales have caught attention. Although SOL’s price has been bullish recently, large holders seem to be taking profits.

Earlier today a whale transferred 196,068 SOL, valued at approximately $35.16 million, to the Binance exchange, according to Whale Alert. While it remains unclear whether the whale has sold the SOL or merely moved it to Binance, such transfers often indicate an impending sale.

Typically, crypto whales transfer assets to exchanges with the intention of selling them, suggesting this might be a profit-taking move. This substantial transfer could potentially exert downward pressure on SOL’s price. Historically, large sell-offs can lead to short-term price declines, although this impact may be temporary.

Despite this, SOL’s price has shown resilience. Currently trading at $180, SOL has risen 4% over the past 24 hours, with trading volume increasing by nearly 85% to $3.67 billion.

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Over the past month, SOL has seen a significant 32.81% gain, reflecting ongoing bullish sentiment. Additionally, speculation about potential approvals for Solana-based spot ETFs is contributing to a positive outlook for the cryptocurrency.

Alexander Stefanov