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

Solana Whales Deposit To Exchanges, Selloff Incoming?

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Solana

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Data shows Solana whales have made large transactions towards exchanges during the past day, which could signal a selloff.

Solana Whales Have Deposited Tokens Worth $34.1 Million To Binance

According to data from the cryptocurrency transaction tracker service Whale Alert, a few large SOL transfers have occurred on the Solana blockchain during the past day.

Three of the transactions were all headed towards a centralized exchange: Binance. The first of these saw the movement of 256,652 SOL (worth about $11.3 million at the time of the transfer), the second 249,999 SOL ($10.8 million), and the third 282,695 SOL ($12 million).

As the amounts involved in these transfers are substantial, it’s safe to assume that whale entities were behind them. Since the whales are influential beings in the cryptocurrency ecosystem, their transactions can be worth keeping an eye on, as they may precede volatility in the price.

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How their transfers may affect Solana depends on what they intend to do with them. As the details of the first of these transactions show below, it would appear that the transfer originated from an unknown wallet (which is possibly the whale’s personal, self-custodial address).

Solana Whale Transfer

Looks like the transfer needed a very negligible fee of  0.000005 SOL to go through | Source: Whale Alert

As the whale has moved their coins from self-custody to this central entity, they likely wanted to make immediate use of one of the services the platform provides. This includes selling, of course, but it’s hard to say from the transaction data alone whether that is the case here.

When looking at the surrounding price action, though, selling would appear like a reasonable possibility after all, as the SOL price has enjoyed a sharp rally recently that has put the asset 34% in the green for the past week.

It’s not unusual to see whales jumping at substantial profit-taking opportunities like this rally has provided. As such, if profit-taking is indeed the goal, then the rally could feel some impedance from the deposit.

Interestingly, the data of the other two Binance deposits from today reveals the addresses involved were the same as the ones in this transfer, implying that the same entity could be behind them.

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The latest of these moves was made just a few hours ago, which might add merit to the theory that the whale is participating in selling, as Solana has seen an additional 10% uplift in the past 24 hours, so this humongous investor may be capitalizing on the opportunity.

Another whale has also made a large Solana transfer inside the window of the last day, but this move is between two unknown wallets, making it hard to guess what the purpose behind it could have been.

Solana Transaction

The largest SOL transaction in the past day | Source: Whale Alert

This $66.2 million move could have been for selling through a P2P deal, or perhaps it was something as simple as the whale changing addresses. Whatever the case might have been with this and the other transfers, though, Solana has managed to keep up its climb just fine so far.

SOL Price

Following the latest leg in the Solana rally, the asset has claimed the $43 mark for the first time in more than a year.

Solana Price Chart

SOL has observed some rapid growth in the last few days | Source: SOLUSD on TradingView
Featured image from 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.

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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

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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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