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In a surprising turn of events, the Solana (SOL) cryptocurrency has witnessed massive whale movements, with notable transactions indicating significant profit-taking strategies. Lookonchain, a prominent blockchain analytics platform, shared insights on a whale depositing and withdrawing substantial amounts of SOL on the Binance crypto exchange.
According to Lookonchain, a whale deposited a staggering 303,756 SOL, equivalent to $32.8 million, to Binance, raising speculation that the move was made with the intention of selling for profit. Over the past month, the same whale withdrew an impressive 423,754 SOL, valued at $28.18 million, from Binance at a rate of $66.5. Despite these withdrawals, the whale still has 119,998 SOL, amounting to $12.44 million, staked, resulting in a profit exceeding $17 million.
Intriguingly, the whale also made a noteworthy transaction on Sept. 29, withdrawing 19,704 SOL, valued at $394,000, at a rate of $20 from Binance. Subsequently, on Nov. 8, the same SOL was deposited back into Binance at a rate of $43, resulting in a substantial profit of $453,000, marking a significant increase of 115%.
Whale movements amid correction
Whale Alert, a service that tracks large cryptocurrency transactions, also reported on a substantial movement on the Solana network. A colossal transfer of 600,000 SOL, equivalent to a staggering $63.47 million, was made from an unknown wallet to another unknown wallet, adding an air of mystery to the already intriguing series of transactions.
As of the latest available data, the current Solana (SOL) price stands at $102.15. Although the cryptocurrency has experienced a recent dip of 8.99% in the last 24 hours, it has shown an impressive overall uptrend of 82.55% in the last 30 days. As previously reported by U.Today, following a remarkable performance in December, it appears that Solana bears have come into play, triggering an unforeseen correction.
Overall, the series of whale movements and the latest price trend have sparked intense speculation within the Solana community. Analysts are closely monitoring these developments to gain insights into the broader trends shaping the SOL market and to understand the motivations behind these substantial whale transactions.
Alex Dovbnya
Godfrey Benjamin
Dan Burgin
Vladislav Sopov