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Solana Whales Shift 2 Mln SOL, Will It Impact The Ongoing Price Rally?

Solana has rallied over 50% in the past week. However, the meteoric growth could be stunted by whales who've been dumping the cryptocurrency.
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Solana Whales Shift 2 Mln SOL, Will It Impact The Ongoing Price Rally?

Deep-pocketed crypto traders are shifting hundreds of millions of dollars worth of Solana (SOL) to popular crypto exchange platforms even as the altcoin has rallied more than 50% in the past week. With whales unstaking huge amounts of Solana tokens, is a market sell-off on the horizon?

On Tuesday, blockchain tracker Whale Alert flagged multiple transactions involving Solana. It appeared that the interest in SOL was starting to wane.

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Whale Interest In Solana Dips

An anonymous whale just moved more than 1.2 million Solana—worth nearly $150 million at Solana’s current price—to an unknown wallet, according to data by Whale Alert. Since the identity of the Solana whale in question is unknown, it’s difficult to determine why they transferred the cryptocurrency.

Image Source: Whale Alert

Another undisclosed wallet transferred over 456K SOL, worth nearly $54 million, to an unknown recipient. On Tuesday, $19.4 million worth of Solana (more than $163K) was sent from an unidentified whale to a wallet that, Whale Alert said, is linked to Binance, the crypto exchange giant.

Other massive transactions involving Solana on Whale Alert’s radar include 256,531 SOL, worth around $30.9 million, transferred from an unknown wallet to prominent crypto exchange Coinbase; 87,351 SOL, amounting to roughly $10.4 million, moved from an unidentified wallet to Coinbase;  97,294 SOL, worth nearly $10.8 million shifted from an undisclosed wallet to Coinbase.

If history is any indication, high-net-worth investors — otherwise known as whales — dumping or accumulating tokens can shake markets and cause price fluctuations. In November, CoinGape reported that Solana prices fell below $55 due to whale behavior.

Solana Has Rallied 50% In 7 Days, Will The Momentum Continue?

As of writing, the SOL price stood at $112.4, up 1.6% in the last 24 hours.  Meanwhile, the altcoin has witnessed a massive surge of over 50% in the last seven days and skyrocketed a whopping 906% year-to-date. The growth comes on the back of the bullish sentiment around the crypto space, which has propelled Bitcoin above $42,000.

According to data from Santiment, the hype around Solana, as well as the weighted sentiment for SOL are on the rise. This suggests that more users on social media are bullish on the altcoin. Furthermore, DEX volumes on Solana have increased 100-fold since the last quarter. These metrics are a good omen for existing Solana holders and future buyers.

However, considering the volatile nature of the crypto market and the recent choppy trading noted in the broader digital asset space, investors should exercise due diligence with their investment strategy.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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