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

Solana Whales Are Making Moves – Here’s The Direction They’re Headed In

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Solana

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The price of Solana had briefly crossed $200 before tumbling back down in the last week. This move has triggered a wave of movement across the market, and whales are now showing their hands. Over the last day, there have been a number of notable whale transactions and their destinations could give an inkling as to how these large crypto investors are looking at the market right now.

Solana Whales Move Hundreds Of Millions Worth Of SOL

The whale movements began on Monday when the market had first begun to slow down, with the Solana price falling below $190. The on-chain data tracking platform Whale Alert, reported these transactions, a number of which seemed to happened right next to one another.

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The first transaction was one carrying 993,453 SOL which was worth $189.55 million at the time. Then minutes later, the tracker reported the movement of another 1,895,729 SOL worth $361.7 million. Not too long after, it reported a third transaction carrying 1,096,940 SOL worth $209.29 million. Then, the last transaction in this row of transactions was 1 million SOL, valued at $190 million at the time of the transaction.

Now, all of these Solana transactions had originated from unknown wallets and their destination were also unknown wallets. This means that the owners of these wallets are not publicly known and their addressed have not been tagged. In such cases, it could suggest that these whales are selling their tokens over the counter in order to minimize the impact of their selling on the market market. However, it could also be that these whales are just redistributing their coins.

Nevertheless, the whale movements didn’t end here as a couple of hours later, the on-chain tracker would report the movement of massive amounts of SOL once more. This time around, a whale moved 149,999 SOL worth a little over $27.79 million from an unknown wallet to the Binance exchange.

This transaction deviates from the previous four transactions in the fact that its destination is a crypto exchange. Usually, when investors move their coins to exchanges such as Binance, it is to sell their tokens and a $27.79 million sale could put a lot of pressure on the SOL price.

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The next whale transaction reported after this was an amore positive one though which involved the movement of 146,121 SOL worth $26.83 million from the Kraken exchange to an unknown wallet. In this case, it is likely that the whale is withdrawing their coins for safekeeping as they wait for better prices. This reduces the selling pressure on the asset.

Even with these whale movements, the SOL price continues to hold up quite nicely. If the selling pressure continues to fall and the pressure from Bitcoin’s price decline is finally lifted, then SOL price could quickly rally above $200 once again.

Solana price chart from Tradingview.com

SOL price loses footing at $180 | Source: SOLUSD on Tradingview.com
Featured image from The Block, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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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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