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A Solana (SOL) wallet that has been holding strong since March just moved its whole stack — 39,875 SOL worth about $8.19 million — back into Bybit, locking in a profit close to $2.93 million, as per Onchain Lens.
Blockchain records show the whale purchased the tokens from the same exchange for about $5.26 million five months ago, at an average price of $132. With SOL now trading at about $203, the deposit gained about 55% in value.
This is happening at the same time as Solana's latest breakout, which has made the SOL token worth more than $200 for the first time in four months. That move came after a week of mostly green candles, and it put SOL ahead of most other large-cap altcoins.
The market had already been looking up, but this spike came as the wider crypto space started seeing new highs.
Solana (SOL) sell-off imminent?
Large deposits like this often lead to speculation. Some people think it is a sign that the price is about to drop, while others point to whales using centralized exchanges to switch up their holdings, set up hedges or access liquidity without selling right away.
It will be interesting to see if this $8.19 million shift is the start of selling or just a change in the portfolio. We will probably know more in a few days.
Look at the chart, and you will see that the SOL price has just cleared a tricky ceiling around $196. That is the same ceiling that stopped the rally in July.
If it can hold above $200, the next technical test is around $215-$220, which is an area that has historically seen a lot of selling. If not, it will probably pull back to the $188-$190 support zone before going higher again.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team