Solana Whales Move SOL Worth $55 million – Will There be a Price Drop?

Significant movements of Solana (SOL) tokens have caught the attention of the crypto community. Although the price of SOL has been bullish lately, it seems that large holders (whales) are taking profits.

Whale Alert reported that one of the whales has transferred 196,068 SOL, worth about $35.16 million, to Binance.

While it’s unclear whether the whale sold the tokens or simply transferred the funds to Binance, such transfers often indicate an impending sale, suggesting it could be a profit-taking move.

Whale Alert reported one more large transfer that was made at 03:00 (BST) last night. In this transaction, the large holder moved 124.819 SOL for a total value of $22.35 million.

This significant transfer could potentially put downward pressure on the price of the cryptocurrency. Historically, large sales can lead to short-term price declines, though this impact may be temporary.

However, the SOL price has shown remarkable resilience on more than one occasion. Over the past month SOL has posted a significant gain of 31%, reflecting continued bullish sentiment.