Main navigation

Massive $10.5 Million Solana Transferred to Binance as SOL Price Dips 5%

Mon, 12/02/2024 - 14:09
Massive $10.5 Million Solana Transferred to Binance as SOL Price Dips 5%
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

In a notable transaction that caught the attention of cryptocurrency enthusiasts and investors, a substantial amount of Solana (SOL) worth approximately $10.5 million was transferred to the Binance exchange. The transaction, involving 99,999 SOL, was highlighted by Whale Alert, a popular service that tracks significant blockchain transactions.


The funds were moved from an unknown wallet, stirring speculations about potential market movements and the intentions behind this significant transfer. The reasons behind the substantial transfer to Binance remain speculative. Large movements of cryptocurrency to exchanges can sometimes indicate a readiness to sell, potentially leading to a price drop if the market cannot absorb the sell orders.

Conversely, such crypto transfers might also precede strategic trading moves such as swaps, staking or participation in exclusive exchange offerings. The impact of this specific transaction on Solana's market performance will depend on the subsequent actions taken by the whale behind it.

Bearish sentiment for Solana

This recent transfer comes at a time when Solana's market position is experiencing fluctuations. As of the latest data, SOL is trading at $104.60, marking a decrease of 4.87% over the past 24 hours. Despite this recent dip, the cryptocurrency has managed to secure a 7.06% increase over the last seven days, showcasing the volatile nature of the crypto market.

Additionally, the 24-hour trading volume for Solana has seen a rise of 9.05%, reaching $1,572,062,887, indicating heightened activity level among traders. However, not all indicators are positive for Solana. Open Interest, a metric that represents the total number of outstanding derivatives contracts, such as futures that have not been settled, has witnessed a decline for Solana.

According to the latest data from CoinGlass, a platform that provides insights into cryptocurrency futures and options markets, Open Interest for Solana is currently down by 8.23%, standing at $1.58 billion. This decrease can be interpreted as a bearish signal, suggesting that investors might be taking a cautious stance toward Solana.

Investors and market observers will likely keep a close eye on Solana's performance and any further movements of large sums of SOL, as these could provide insights into future market trends. Whether this leads to increased volatility or a strategic play that could influence Solana's trajectory remains to be seen.


Latest Press Releases

Sui Recognized as 2024 Blockchain Solution of the Year at AIBC Eurasia Awards
ElmonX Unveils ‘The Scream’ NFTs by Edvard Munch For The First Time Ever
World's First Bitcoin Layer 2 Conference to Unite East & West in Hong Kong, April 2024
Is Bitcoin Mining Legal? Regions in the World Where Mining Is Legally Permissible
Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Our social media
There's a lot to see there, too

Popular articles