- Whales deposit over $40M in SOL to exchanges, signaling profit-taking.
- SOL trading volume dips 4% to $6.3B amid a 14% weekly price rise.
- Speculation grows on a shift to Ethereum or MooDengEth tokens.
The cryptocurrency market is buzzing with activity following a significant sell-off of Solana (SOL) by major holders, commonly known as whales.
According to a recent post by @lookonchain on X, three large transactions have caught the attention of investors. Within the last nine hours, 96,996 SOL ($17.45M) was deposited to exchanges, 91,890 SOL ($15.98M) was sent to Kraken, and 37,658 SOL ($6.73M) was transferred to Binance, with the latter yielding a $1.63M profit for one whale. This flurry of activity suggests a coordinated move to cash out amid a 14% price surge over the past week, as reported by CoinGecko.
The timing of these sales coincides with a 4% drop in SOL’s 24-hour trading volume to $6.3B, hinting at a potential cooling-off period in the market. Analysts speculate that whales may be locking in profits after Solana’s impressive run, which has been fueled by its robust ecosystem and growing institutional interest. However, the sell-off has sparked varied reactions on X, with some users predicting a further price dip, while others see it as a buying opportunity.
Additionally, there’s chatter about a shift in investor sentiment, with mentions of rotations to Ethereum or emerging tokens like MooDengEth, possibly influenced by Vitalik Buterin’s recent airdrop and donation activities. This whale movement could signal a pivotal moment for SOL, especially as it competes with Ethereum in the smart contract and NFT spaces. While Solana has boasted faster transaction speeds and lower fees, its history of network outages remains a concern.
The current sell-off might reflect whales repositioning their portfolios in anticipation of broader market trends or upcoming developments, such as the forecasted cryptocurrency ETFs in 2025. For now, the crypto community watches closely as these large transactions could either stabilize or further destabilize SOL’s price in the short term.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
