Solana Whales Spark Frenzy With $628 Million Transfer

More than 3.9 million SOL coins were transferred between unidentified wallets in a batch of huge transactions of the Solana (SOL) coin. Such transfers have caused many in the crypto space to take notice.

More than $560M in SOL Transferred to New Wallets

The biggest transfer, which was monitored by Whale Alert, was 1.75 million SOL worth over $252 million. It was sent by an unidentified wallet and received by a different one that did not have a history of a previous transaction. This implies a new holder or funds reorganization.

Three almost identical transactions came in the course of an hour. Each of them was around 725,600 SOL, or more than $105 million. All of them were transferred by anonymous senders to new wallets. This trend has left analysts and even investors with speculations.

No Exchange Links Suggest Long-Term Holding, Not Sell-Off

The fact that these wallets are not linked to crypto exchanges is important. If the SOL was headed to a known trading platform, it might suggest an incoming sell-off. Instead, these wallets are unlinked, which hints that the Solana coins are being secured or stored long-term.

Big holders usually move assets due to security, storage or strategic purposes. However, the community has been attracted by the timing and the amount of these latest moves. All the wallets in these transactions haven’t moved the SOL tokens in them as of now, adding more mystery.

Solana Demonstrates Strength in Face of Volatility

The SOL price has not experienced a sudden decline despite the size of the transactions. This indicates the market is not interpreting the transfers as a negative event.

Starting at around $144, the price saw a slight upward movement throughout the last hour. SOL is trading at $144.71 as of now. Though, in the past 24 hours, its price has dropped by 8.81%.

This may be an indication of more buyers following the recent decline. The short-term optimism is reflected by the present trend within the past one hour. But traders should keep in mind the daily decline of almost 9 percent.

It is an indication of heavy selling throughout the earlier part of the day, which could be due to market-wide pressure or profit-taking. Still, the upward trend within the last hour might be a small sign of strength.

If buyers continue stepping in, the token may attempt to reclaim previous levels. Traders will watch upcoming resistance points, especially near the $148 range, where it recently struggled.

Source: CoinGape