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A crypto whale has caught attention in the market after reactivating its wallet following months of dormancy.
According to on-chain data provided by Onchain Lens, this crypto wallet, which was earlier dormant for five months, awakened by withdrawing 50,000 SOL worth $4.25 million from major exchanges. The crypto whale withdrew this significant quantity of Solana from major exchanges Binance and Bybit. Withdrawing reveals a desire to buy in the case of this whale, while deposits reveal an intent to sell.
This was followed by another action by the whale, according to Onchain Lens. The whale sent the 50,000 SOL for staking rather than selling it.
"After 5 months of dormancy, a whale withdrew 50,000 $SOL ($4.25M) from Binance and Bybit, then sent it for staking," Onchain Lens reported.
The action by the whale is in contrast to that seen before the weekend when over 1 million SOL tokens were unstaked.
As reported, Whale Alert flagged a significant quantity of SOL stake unlocked Feb. 20. Whale Alert reported that 1,511,243 SOL worth $125,662,950 stake was unlocked in an unknown wallet.
Solana price action
At the time of writing, Solana was down 0.38% in the last 24 hours to $84.90 as the market faced slight profit taking on Sunday.
Solana rebounded heading into the weekend, recovering from a low of $79.58 on Feb. 19. Buyers attempted to push Solana's price above $86, however, the recent bounce lacked strength.
If the current profit taking continues, this increases the chances of a break below the $80 level. If that happens, Solana may drop to $76 and then to the Feb. 6 low of $67. Buyers are expected to return at the $67 level, as a close below it may cause Solana to drop to $50.
The first sign of strength would be a break and close above $113, which coincides with the daily MA 50. That would indicate bears are losing their grip. After that, Solana may rise toward the daily MA 200 at $160.
Vladislav Sopov
Dan Burgin