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COINTURK NEWS > Solana (SOL) > Whale Sells Large Amount of Solana
Solana (SOL)

Whale Sells Large Amount of Solana

In Brief

  • A whale sold 20,000 SOL, worth approximately 2.9 million dollars.

  • The whale has sold a total of 614,000 SOL since January 15.

  • Investors are concerned about the impact of these large sales on SOL's price.

COINTURK NEWS
COINTURK NEWS 11 months ago
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In the cryptocurrency market, attention has once again turned to the movements of a large whale. About 12 hours ago, a cryptocurrency whale withdrew Solana (SOL) from their wallet and sold 20,000 SOL. The whale’s SOL sale amounts to approximately 2.9 million dollars. The notable point of the SOL sale is that the whale has sold a total of 614,000 SOL since January 15. At today’s prices, 614,000 SOL is equivalent to approximately 89 million dollars.

Contents
Whale’s Solana Selling StrategyImpact of Sales on SOL’s Price

Whale’s Solana Selling Strategy

According to on-chain data, the cryptocurrency whale has been regularly selling since the beginning of the year and withdrawing large amounts of SOL from their wallet. The recent sale of 20,000 SOL, a significant amount, has raised warnings that it could increase the selling pressure on the altcoin and cause price fluctuations. This situation has particularly caused concern among Solana investors.

The motivation behind the large SOL sales by the cryptocurrency whale remains unclear. Some market observers claim the whale is selling to realize profits, while others suggest it may be due to concerns about market conditions. Regardless of the reason, such high-volume SOL sales could undermine confidence in the Solana market and impact the price.

Impact of Sales on SOL’s Price

The sales by the cryptocurrency whale inevitably affect SOL’s price. Although the Solana community and developers continue to advance the project, the whale’s sales have caused concern among investors. The reason for the investors’ concern is that large sales can disrupt the market balance and drive the price down.

On the other hand, monitoring the transactions of whales in the cryptocurrency market has always been important. Whales making large asset sales can cause market fluctuations. The long-term effects of the whale’s strategy, which has sold 89 million dollars worth of SOL since the beginning of the year, on Solana will be revealed over time.

According to current data, SOL is trading at $147.13 with a 2.67% increase in the last 24 hours. CoinMarketCap data shows that the altcoin’s trading volume increased by 13.04% during the same period.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 20 August, 2024 - 11:01 am 20 August, 2024 - 11:01 am
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