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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Solana Whale Deposits $11M In SOL To Binance, Bearish Signal?

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Solana

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Data shows a Solana whale has deposited SOL worth $11 million to Binance, which could be bearish for the asset’s price.

Solana Has Enjoyed Sharp Bullish Momentum During The Past Month

Since the start of Bitcoin’s rally towards the $35,000 level, the cryptocurrency market as a whole has been having a good time. Among the assets, Solana has particularly stood out, as its returns have been one of the highest.

During the last 30 days, SOL has observed an exceptional rally of more than 84%, leading to its price surpassing the $43 mark. The chart below shows how the asset’s trajectory has looked like during this period.

Bitcoin Price Chart

The value of the coin seems to have been rapidly going up in recent weeks | Source: SOLUSD on TradingView

From the chart, it’s visible that Solana had managed to rise as high as $47 at the start of the month, but the coin registered a bit of a pullback soon after. The asset has since recovered 9% from these local lows, although it’s yet to make a full retrace. However, momentum appears to be building for the coin, as it has grown by 3% during the past day.

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In this sharp rally during the past month, Solana also improved its standing in the cryptocurrency sector, as it claimed the 7th position on the market cap list.

Solana Market Cap

Looks like SOL has a market cap of $24.4 billion at the moment | Source: CoinMarketCap

Naturally, as with any rally, profit-taking can be something to look out for, as it can lead towards a local top formation. It would appear that a whale may be attempting to do precisely that.

SOL Whale Has Deposited A Large Amount To Binance Today

According to data from the cryptocurrency transaction tracker service Whale Alert, a large transaction has been spotted on the Solana blockchain during the past day.

This transfer saw 249,999 SOL move across the network, worth approximately $10.8 million when the transaction was executed. Given the large amount involved, it’s likely that a whale entity was behind it.

Generally, transactions can be something to watch, as they can sometimes have noticeable effects on the market, how the price would be affected by the move of a whale naturally depends on what they intended to do with it.

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In the current case, the transfer moved from an unknown wallet (likely the whale’s address) to a wallet attached to a central platform: the Binance exchange.

One of the main reasons an investor might transfer their coins from their self-custodial wallet to one of these central entities is for selling purposes, so it’s possible that the whale wanted to sell here and harvest the profits they would have amassed in the latest rally.

The cryptocurrency price could end up feeling some resistance shortly if selling was indeed the goal in the mind of this whale.

Featured image Shutterstock.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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