An unknown whale transferred 2.5 million Solana (SOL) worth approximately $372 million, causing a stir. This transaction occurred during a period when Solana’s price was declining.
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.
Following this, another transaction of 1,519,488 SOL worth approximately $224.64 million occurred between unknown wallets, causing fear and questions in the market.
More importantly, these transactions occurred during a period of declining SOL prices. After a 4% drop in the last 24 hours, the 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. This situation reflects on both cryptocurrency prices and volumes.
It is believed that the statements made by officials throughout the week had a significant impact on this situation. There are rumors that actions to reduce US inflation to 2% have pushed risky assets to this point.
Additionally, whale movements are thought to have a significant impact on the market. It is said that sales and restructuring movements by institutional companies affect small investors and trigger panic sales.
Although the recent Solana whale movement worth approximately $372 million did not trigger a fear of sales since it was from wallet to wallet, it is said that transferring these cryptocurrencies to exchanges in the coming days could trigger a larger price drop.
