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Solana (SOL) whales are making big moves today. While the price of SOL has remained bullish in the past few days, it appears that some large holders have started to take profits. Whale Alert detected a potential sell-off earlier today.
According to the details, this whale transferred 196,068 SOL from its wallet to crypto exchange Binance. This transaction is estimated to be worth around $35.16 million. While Whale Alert has not revealed if the whale has sold it or still held it on Binance, this is likely to be a sell-off.
Crypto whales usually transfer their holdings to a crypto exchange when they plan to sell them. In this case, it is highly likely that the whale is going to sell this huge amount of Solana. Considering the fact that the SOL price has surged recently, it appears that the whale plans to book profits.
However, this Solana transfer can have a bearish impact on the price. Major crypto sell-offs typically trigger a price dip. Solana can witness such a scenario in light of this massive transaction. But it should be noted that this bearish impact is for the short term only and may not be too negative for the market.
What to expect from SOL price?
The price of SOL has managed to endure this sell-off pressure. As of writing, it is trading at $178, after a notable jump of 3.62% in the last 24 hours. In addition, the trading volume of Solana has surged 84.99% during this time. It currently stands at $3.5 billion.
In a broader perspective, the SOL price has managed to surge 32.81% over the past month. This highlights the sustained bullish momentum for the coin. Notably, there is speculation of approval for Solana-based spot ETFs. This is one of the major factors behind the optimistic outlook for the coin.
Valeria Blokhina
Godfrey Benjamin