Regulation
Solana Price Fights As Whales Move Over 2.5 Million Coins Between Wallets
Solana, the fifth largest cryptocurrency by market capitalization, has been trending downward following significant SOL transfers by unidentified whales over the past 24 hours. According to a recent report, more than 2.5 million SOL coins have been transferred by the registered entities. This development sparked speculation about the possible reason for the transaction and its potential impact on the future price of the asset.
Meanwhile, SOL is not the only coin experiencing significant price corrections. Popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) also suffered a significant loss over the past 24 hours, losing at least 2% of their value compared to the previous day. As the market as a whole experiences bearish sentiment, large investors are taking advantage by opening positions and acquiring tokens at discounted rates.
Solana Whales moves 2.5 million pieces: details
According to data provided by Whale Alert, two notable transactions involving at least 1 million SOL were recorded over the past day. According to the data, the first transaction moved a tantalizing 1,519,488 Solana coins, valued at $224.6 million, from a wallet labeled “unknown” to another unidentified wallet. I can’t get over the shock, another transaction was launched shortly after transporting exactly 1,000,000 SOL coins from an anonymous wallet to another unknown wallet.
The two transactions cumulatively moved $372.4 million worth of SOL in less than an hour. This sudden transfer, especially at a time when the crypto market is experiencing mixed (neutral) sentiment, has raised concerns among investors.
However, it is important to note that transactions of this magnitude do not always mean massive sell-offs, but rather can be attributed to several scenarios such as accumulation for long-term holding, repositioning of assets by institutional investors , or even an internal restructuring of the portfolio by large investors (commonly called whales). Although the exact reason is still unknown, it has added to the concerns expressed by market participants.
Solana (SOL) Price Movement
Over the past 24 hours, the price of Solana (SOL) has decreased significantly. According to CoinMarketCap data, SOL is currently changing hands at $140.37, representing a 5.50% decline at press time. Additionally, activities surrounding the coin, as shown by its 24-hour trading volume, also fell by 10.33% to $2.20 billion, signifying reduced activities among traders.
Source: CoinMarketCap
Importantly, SOL has traded between the lows and highs of $140.81 and $148.73 over the past 24 hours, which is still 45.6% below its all-time high of $259.96 reached in November 2021. Looking back, SOL fell by 10.08% in the last 24 hours. seven days, and 1.99% over the last month.