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An anonymous Solana (SOL) whale has transferred a staggering 299,999 SOL in a single transaction to the Coinbase exchange. The move has sparked interest in the ecosystem as market participants watch out for a possible sell-off.
Solana sees pullback amid rising volume
According to an update by Whale Alert, an on-chain platform that tracks large crypto transactions, the transfer is valued at approximately $52.8 million. A critical detail is that it came from an unknown wallet to the Coinbase exchange.
This development suggests a potential sale, as the holder may be preparing for profit-taking. This assumption seems plausible given the significant gains that Solana has recorded over the last 48 hours.
However, this move could lead to price volatility, as a major sell-off could put downward pressure on the Solana price.
According to CoinMarketCap data, Solana is experiencing some volatility. Earlier, Solana climbed from a low of $166.02 to a peak at $178.07. However, SOL is registering a slight pullback. As of press time, Solana is trading at $176.74, representing a 12.25% increase over the last 24 hours.
Investors remain active, nonetheless, as trading volume has increased by a significant 47.58% to $9.47 billion. This suggests that if the ecosystem does not react with fear, it might ride any incoming sell-off.
Past whale moves and Ethereum correlation add intrigue
As U.Today reported, a similar transaction on July 7 triggered concerns in the crypto ecosystem as the price slipped into the red zone.
On that occasion, an unknown whale also transferred large volumes of SOL to the Coinbase exchange. The 586,233 Solana dumped were valued at $88.99 million, which is much higher than the current transaction.
Investors will be counting on SOL to maintain stability, as momentum indicates the coin could reach higher price levels. The rally from its competitor, Ethereum, may also support its upward momentum, given the sustained surge in volume and the broader correlation on the broader market.
Vladislav Sopov
U.Today Editorial Team