TL;DR
- Significant movements of whales in Solana, with transactions of millions of SOL.
- Transfer of almost $28 million in SOL to Binance from an unknown wallet.
- Positive Kraken pullback, possibly indicating a holding strategy for better prices.
The cryptocurrency market has witnessed intriguing moves on the Solana (SOL) blockchain in recent days, with cryptocurrency whales making decisions that could have a notable impact on price and market sentiment.
Last week, Solana’s price briefly surpassed $200, only to then retreat.
This volatile movement has generated a wave of activity among the largest investors, known as whales.
These market players move large amounts of digital assets and their decisions can have a ripple effect on the market.
Last Monday, several major whale transactions were observed in Solana.
Whale Alert, a platform that tracks data on the blockchain, reported transactions worth hundreds of millions of dollars in SOL.
These transactions, coming from unknown wallets, were followed by movements to other unknown wallets.
This suggests that the Solana whales could be redistributing their assets or selling them outside the public market
However, what caught the eye was a transfer of nearly $28 million in SOL to the cryptocurrency exchange Binance.
🚨 🚨 149,999 #SOL (27,791,194 USD) transferred from unknown wallet to #Binancehttps://t.co/LRpy1gDGbI
— Whale Alert (@whale_alert) April 2, 2024
This move suggests a possible intention to sell by the whale, which could put pressure on Solana‘s price in the short term.
On the other hand, there was a positive withdrawal from the Kraken exchange.
A considerable amount of SOL, valued at over $26 million, was withdrawn from Kraken and transferred to an unknown wallet.
This move could indicate that the whale is choosing to keep its assets off the exchange, possibly hoping for better prices in the future.
This could reduce immediate selling pressure on Solana.
Despite these whale movements, the price of SOL has maintained some stability.
If selling pressure continues to ease and Bitcoin price pressure is relieved, it is possible that Solana price could break above $200 again in the near future.
