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Whales have started to make big Solana (SOL) moves as its price starts a fresh rally. Whale Alert reported a huge Solana transfer earlier today. The tracking service revealed that 656,296 SOL, worth around $103 million, were shifted from an unknown wallet to another unknown wallet.
This SOL transfer has raised some questions as the community finds it difficult to understand the motive. As the transfer is between two individual wallets, it confirms that it is neither a sell-off nor a purchase. It is highly likely that it was a strategic move from this whale.
Crypto whales often make transactions between their wallets to allocate their holdings according to their trading strategies. At this moment, it cannot be confirmed whether the whale is going to hold their SOL holdings or transfer it to an exchange to sell.
However, this Solana transaction is a major one as it is worth around $103 million. Such movements often create uncertainty and speculation in the community. But the positive thing for SOL holders is that the market seems unfazed by this whale movement.
Solana price sees bullish momentum
The price of SOL has remained bullish amid this latest transfer. As of this writing, the coin is trading around $156.91, after a jump of 2.84% in the last 24 hours. Moreover, the trading volume of Solana has surged 39.01% to $2.84 billion. This highlights that bulls are in control of the market and traders are getting optimistic about the coin.
Moreover, senior analysts are sharing positive views about the coin. For instance, crypto analyst Ali Martinez has predicted that the Solana price can hit the $174 target. Overall, multiple bullish signals are emerging for SOL, and it appears that it may be entering a bull market from the current price levels.
Arman Shirinyan
Alex Dovbnya