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A Solana (SOL) whale has recently transferred one million SOL, valued at over $155 million, to an unknown wallet. The transaction, spotted by blockchain data tracker Whale Alert, occurred in a single transaction.
SOL whale transfer ignites speculation
According to the details, the transfer of $155,641,826 worth of SOL occurred between two unidentified wallets. This has sparked curiosity about the whale's motive. The whale may be repositioning the Solana coins for security reasons or simply organizing their portfolio.
Regardless of the reason, the large transaction has caught the attention of both market participants and traders. It has contributed to the catalyzed activity in the Solana marketplace as trading volume in the last 24 hours recorded a significant uptick.
As of press time, volume has climbed by 27.86% to $4.11 billion. Solana was exchanging hands at $155.57, representing a 3.81% increase in the same time frame. SOL was earlier trading below $150 at $147.39 before the recent movements.
Overall, Solana is experiencing a steady recovery, having gained significantly over the last seven days of trading. According to the data, Solana emerged as the best-performing altcoin over this period, outshining Ethereum and XRP in terms of price outlook.
The recent whale activity might further boost the price outlook as investors anticipate a potential rally on the horizon.
Solana ETF goes live, setting new benchmark
In the broader ecosystem, the first U.S.-listed Solana exchange-traded fund (ETF) has gone live on the Cboe BZX exchange. The launch marks the first staking-enabled ETF in the U.S. but has a twist in that it avoided the usual approval process. This makes it distinct from the traditional ETF.
On its first day of trading, the product generated a total of $33 million in trading volume. Despite the modest gain, it surpassed what XRP futures or Solana futures were able to rake in on their first day. This suggests better adoption by users in the market space.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team