Why Did This Solana Whale Sell $86 Million Sol Token?

Solana is the most popular cryptocurrency in the market after Bitcoin and Ethereum. It is no new news, as it has been among the top five cryptocurrencies for years now. This is why Solana is also one of the most used networks for token launching and trading. Nevertheless, SOL is also favored by large investors as so many Solana whales are active in the market this year.

Just recently, Solana witnessed $4.5M in inflows, indicating the high demand for the token in the market. Now, as the SOL price sits around $144.79, Lookonchain, an analytics platform, has brought an interesting insight into a Solana whale selling $86 Million worth of tokens, playing with the dynamics of the token price.

Solana Whale Sold 20,000 SOL Weekly Since January

As per the Lookonchain X post, a cryptocurrency investor has sold 594,000 Solana (SOL) tokens, equivalent to $86 Million this year alone per an average SOL price of $156. The investor (whale) began its selling spree on January 15, 2024, and continues till now. More importantly, the whale has used many popular crypto exchanges like Coinbase, Binance, and OKX for trading.

A whale sold 594K $SOL($86M) this year!

Since Jan 15, this whale has deposited 594K $SOL($86M) to #Coinbase, #Binance, and #OKX, averaging one sale per week.

The last sale was 16 hours ago.https://t.co/v6mJegPKCa pic.twitter.com/5CU24VPvtt

— Lookonchain (@lookonchain) August 13, 2024

This crypto whale has made at least one sale in a week for the last eight months. Out of these, each selling consisted of around 20,000 tokens (worth $3,120,000). Interestingly, the most recent selling happened on August 12, highlighting the active presence of the trader in the market.

Reasons Behind This Crypto Whale Selling Spree

Crypto whales are known for their large holdings and use these holdings to alter the market. They generally buy or sell in bulk to impact the prices of cryptocurrencies. And the same is done by this Solana whale to alter the positioning of SOL in the market.

This Solana trader has been continuously buying and selling the token for eight months now, indicating strong demand in the market. Additionally, these whale interactions are an indicator for the other investors of the changing trends. Many track the whales or large investors to understand the market’s shifting directions and what others are eyeing.

Final Thoughts

Solana has been known as a top cryptocurrency, hosting many popular meme coins and tokens. More importantly, with the Solana ETF in discussion, investors are eyeing this cryptocurrency, including the whales. The result of that is a single Solana whale selling $86 Million worth of SOL tokens since January. This consistency has impressed the investors as in the last eight months, the trader has made at least one sale in a week, trading a total of 594,000 tokens.