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Deep-pocketed cryptocurrency investors have notably started to move Solana (SOL), which has seen its price increase over 20 times since the beginning of the year. Crypto whales are transferring hundreds of thousands of dollars worth of SOL to leading cryptocurrency exchanges. The movement of large amounts of SOL by whales to exchanges has led to speculation about potential selling pressure on the altcoin.
Major Whale Movements in Solana
Whale Alert, which tracks blockchain transactions and reports large whale-level movements, has made multiple notifications regarding Solana. All these alerts show that giant crypto whales are moving their SOL to anonymous wallet addresses and especially to cryptocurrency exchanges.
According to Whale Alert’s data, an anonymous crypto whale recently moved over 1.2 million SOL, valued at approximately 150 million dollars at the current price, to unknown wallet addresses. The identity of this crypto whale is unknown, hence the reason for the transfer cannot be determined.
Another unidentified whale-level wallet address transferred over 456 thousand SOL, worth 54 million dollars, to another anonymous wallet address. In a similar whale transaction, 163 thousand SOL worth 19.4 million dollars were transferred from an anonymous wallet address to the cryptocurrency exchange Binance.
Other large SOL transactions that came onto Whale Alert’s radar include approximately 256 thousand SOL worth 30.9 million dollars transferred from an anonymous wallet address to the Coinbase exchange, about 87 thousand 351 SOL worth 10.4 million dollars moved from an anonymous wallet address to Coinbase, and approximately 97 thousand 294 SOL worth 10.8 million dollars also transferred to Coinbase.
In light of past data, it can be said that these detected transactions by crypto whales are not a good sign. Generally, transfers to exchanges for an altcoin are interpreted as an indication that selling pressure will increase and the price will fall.
Will the 50% Increase in SOL Over 7 Days Continue?
Current data shows that SOL has risen by 2.14% in the last 24 hours, trading at 114.6 dollars. Data for the altcoin indicates a 52.96% increase over the last 7 days, 97.38% over the last 30 days, and an extremely high rise of 1050% since the first day of the year. This massive growth in SOL is a result of the rising sentiment that took Bitcoin (BTC) up to 44 thousand dollars.
On the other hand, according to the on-chain data platform Santiment, the hype surrounding Solana and the weighted sentiment for SOL continue to increase interestingly. This shows that more users on social media are discussing the altcoin. Moreover, there has been a 100-fold increase in the transaction volume of Solana-based decentralized exchanges (DEXs) since the beginning of the last quarter. All these metrics are giving a positive signal for current Solana investors and potential future buyers.
