Amid the sudden crypto market resurgence, blockchain monitoring firm Whale Alert has spotted a series of large Solana transfers that have raised eyebrows across the crypto community.
The tracker provided data revealing that large Solana holders have moved more than 7.6 million SOL worth over $1 billion within minutes.
The series of large Solana transfers, which has happened among multiple unidentified wallets, has sparked discussions across the crypto community.
Solana whales resurface
While it is not uncommon for Solana whales to pull such large tokens in major transfers, the timing and frequency of these transfers could not be overlooked, sparking concerns among investors about the motive behind the transfers.
The series of mysterious moves saw over 7.6 million Solana tokens move in six separate transactions. First, 969,873 SOL worth about $133.48 million was transferred between two unknown wallets.
In another move, 1,629,999 SOL valued at $223.76 million was also transferred among unknown wallets, followed by an 858,394 SOL transfer worth $117.52 million a few minutes after.
Next, two identical transfers carrying 1,630,000 each were also executed among wallets that were not identified. The last transfer witnessed during the period carried 970,283 SOL worth $132.77 million.
Are Solana whales taking profits?
While the senders and destinations of each of the transfers remained unclear, details provided by the source show that several of the transfers were associated with newly created wallets.
Hence, this has seen market watchers wonder if the moves could be an attempt from an institution, possibly a Solana ETF or high-profile holder, to sell off their holdings or take profits following the sharp price resurgence, or a mere reshuffling of funds which could barely affect the token’s current price trajectory.
Nonetheless, it is important to note that Solana’s price has briefly returned to the red zone shortly after the large SOL movements.
Despite showing notable gains earlier today, Solana has now slowed down on its recovery with its price showing a mild decline of 0.32% over the last day while trading at $136.56 as of writing time, according to data from CoinMarketCap.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team