An unknown whale transferred 2.5 million Solana (SOL) worth approximately $372 million, causing a stir. This transaction by the whale occurred during a period of declining Solana prices.
Solana and Whale Transactions
Whale Alert, known for tracking whale movements on the blockchain, detected a significant transaction. About 12 hours ago, a whale moved 1,000,000 SOL worth $147.85 million from one unknown wallet to another.
Shortly after, another transaction occurred, transferring 1,519,488 SOL worth approximately $224.64 million between unknown wallets. This created fear and raised questions in the market.
More importantly, these transactions took place 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 rose by 9% to $2.27 billion, sparking rumors of sales.
Solana Comments
The decline in Solana is not unique to it alone, as the rest of the market also experienced significant drops with few exceptions. This situation is reflected in both cryptocurrency prices and volumes.
It is believed that statements made by officials throughout the week have had a significant impact on this situation. Rumors suggest 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.
The recent Solana whale movement worth approximately $372 million, being from wallet to wallet rather than towards exchanges, has not yet triggered a fear of sales. However, if these cryptocurrencies are transferred to exchanges in the coming days, it could trigger a larger price drop.
