At the end of 2022 and the beginning of 2023, there were comments suggesting that a network and its native token might be finished, and this project was none other than Solana and SOL. At that time, SOL had dropped to $8 but later recovered and entered a one-year period where it would surpass $200. Subsequently, SOL re-entered the top 5 in the market, and cautious investors continued to benefit from these price movements. Recently, the trading activities of a SOL whale caught the attention of one of the leading companies in the market.
Behavior of Solana Investor
On-chain data shows that a crypto whale has sold tens of millions of dollars worth of Solana (SOL) since the first quarter of the year. According to data provided by the blockchain tracking platform Lookonchain, the whale’s first SOL sale occurred on January 15.
In the following period, the same whale sold 614,000 SOL worth $89 million on the Coinbase, OKX, and Binance crypto exchanges, according to on-chain data.
Lookonchain data shows that this whale generally made a sale every week, which is also an interesting situation. When the on-chain data is examined in more detail, it is reflected in the graphs that approximately 100,000 SOL was sent back to wallets from staking platforms in the last 30 days before being sent to the mentioned three different exchanges.
This situation shows that the whale has been regularly selling since the peak performance of SOL at the beginning of the year, and whether they will buy again seems to be under the investors’ watch.
What Is Solana’s Price?
Looking at SOL’s price, it was seen to be trading at $142.72 at the time of writing, showing a 0.57% decrease despite the market’s rise.
According to a new report shared by digital asset manager CoinShares, millions of dollars in outflows were observed in Solana’s institutional crypto investment products.
Solana saw an outflow of 39 million USD, the largest on record, due to a sharp decline in the trading volumes of memecoins it heavily relied on.
In contrast to the outflows in Solana, Bitcoin (BTC) and Ethereum (ETH) investment products saw inflows during the same period.
Bitcoin saw the most significant inflow with a total of 42 million USD, while short Bitcoin ETFs (exchange-traded funds) saw an outflow of 1 million USD for the second consecutive week. Ethereum saw an inflow of only 4.2 million USD last week, but this masked a flurry of activity with new providers seeing an inflow of 104 million USD and Grayscale seeing an outflow of 118 million USD.
