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A whale-sized move has just hit Solana (SOL), once again shifting attention back to order books. A total of 312,233 SOL, worth $75,156,559 at the spot price, was transferred to Coinbase Institutional, making it one of the largest individual Solana transactions of recent days and instantly triggering speculation across trading desks.
Whale Alert sounded the first alarm and Arkham confirmed the path: The funds were routed from a Coinbase Prime deposit to a Coinbase Prime hot wallet, with FalconX infrastructure visible in the transaction trail two days earlier, reinforcing the institutional footprint.
At $238 per SOL, this transaction cannot be ignored. This inflow is equivalent to weeks of typical retail flow compressed into a single transaction.
Against this background, the significance of the transaction is even clearer: Solana has been on an aggressive climb in September, rising from $190 at the end of last month to reach $257.91 at the upper Bollinger Band, before settling in the $238 zone where buyers and sellers are now locked.
The chart is boxed in: $226 is the level that must hold, while $258 is the breakout number that could change market positioning in a matter of hours.
Bottom line
What this transfer means depends on its purpose. If it's for distribution, then the $75 million held on Coinbase could quickly impact the order books.
However, if it is internal reshuffling or liquidity routing, the chart will remain in play, and the question will be whether bulls have the strength to force a clean push through the $258 ceiling and turn resistance into support.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team