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An unknown whale transferred 2.5 million Solana (SOL) worth approximately $372 million at the time, causing a significant stir. This transaction by the mentioned whale occurred during a period of decline in Solana’s price.
Solana and Whale Transactions
Whale Alert, known for tracking whale movements on the blockchain, detected a significant transaction. About 12 hours ago, a whale transferred 1,000,000 SOL worth $147.85 million from one unknown wallet to another.
Shortly after, another transaction occurred between unknown wallets, involving 1,519,488 SOL worth approximately $224.64 million. This situation created fear and questions in the market.
More importantly, these transactions occurred during a period of declines in SOL price. After a 4% drop in the last 24 hours, SOL price fell to $142. Additionally, Solana’s market cap dropped to $65 billion, while its trading volume increased by 9% to $2.27 billion, sparking rumors of sales.
Solana Comments
The decline in Solana is not unique to it, as the rest of the market also experienced significant drops with few exceptions. This situation affects both the prices and volumes of cryptocurrencies.
The situation is thought to be significantly influenced by statements made by officials throughout the week. There are rumors that actions to reduce US inflation to 2% have pushed risky assets to this point.
Additionally, whale movements are believed to have a significant impact on the market. It is said that sales and restructuring actions by institutional companies affect small investors in the market and trigger panic sales.
Although the recent Solana whale movement worth approximately $372 million did not trigger a sales fear since it was from wallet to wallet rather than towards exchanges, it is speculated that transferring these cryptocurrencies to exchanges in the coming days could trigger a larger price drop.
