Solana Whale Shakes Market With $372 Million Transfer, Where Are The Coins Headed?

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As a seasoned crypto investor with a keen interest in on-chain analysis, I find the recent movements of Solana whales intriguing. While the broader market sentiment is bearish, and Solana’s price has taken a hit, these large transactions cannot be ignored.

As a Solana investor, I’ve noticed some intriguing activity among the large-scale investors, or “whales,” in our community. In the past 24 hours, these whales have transferred a substantial portion of their Solana holdings. This revelation comes at a time when the overall crypto market sentiment is turning bearish, leading to a decline in Solana’s price as well.

Solana Whales Move Over $500 Million Worth Of SOL In Several Transactions

According to on-chain information, Solana’s top investors have executed six substantial transactions within the past 24 hours. In the initial transaction, more than 1.5 million SOL tokens, equivalent to approximately $216 million, were moved from one wallet (HCC…wmr) to another unidentified wallet. This latter wallet subsequently dispersed 1.13 million SOL tokens ($163 million) among four distinct unknown wallets. The largest portion of these funds, totaling 1 million SOL tokens, went to the wallet identified as Auj…yhS.

In the third instance, approximately 1 million Solana tokens, equivalent to around $144 million, were transferred from the unidentified wallet with the address GYj…gG6 to yet another unidentified wallet, this time with the address 4Ax…TAh. Subsequently, the Solana tokens in the wallet with the address 4Ax…TAh were moved to a third unidentified wallet, bearing the address 3vx…kom. In the fifth transaction, the wallet holding the address 3vx…kom transferred 1.6 million Solana tokens, or roughly $230 million, to another unidentified wallet, this one with the address FnH…Arr.

As an analyst, I’ve come across a transaction where an unknown wallet, which I’ve been tracking as a Solana whale, transferred the received tokens to a wallet linked to Coinbase. Based on this single transaction, it seems plausible that the whale could be looking to sell their tokens, potentially leading to a price decrease for Solana. However, upon closer examination of the earlier transactions, it appears that other Solana whales might simply be moving their capital between wallets rather than selling. This could suggest market stability and lessen the impact on Solana’s price.

As an analyst, I’ve noticed that the Solana network has experienced a significant surge in activity recently. Traders have been actively engaging in transactions due to the current meme coin craze. Interestingly enough, data from DappRader indicates that this heightened activity hasn’t abated even with SOL‘s price taking a downturn.

What Next For SOL’s Price

Expert response:

Expert’s take: Crypto analyst Jelle expresses pessimistic views regarding Solana (SOL). Lately, he has pointed out that Solana hasn’t been able to replicate its earlier pattern this year and has breached the crucial support level of $150. He went on to mention that a potential drop down to around $140 is not an unlikely scenario for him.

Crypto expert Altcoin Sherpa expressed his pessimistic view on Solana (SOL), sharing concerns over the current celebrity-driven trend, which he believes is detrimental to the token’s ecosystem. He further described Solana’s chart as alarming and forecasted that Ethereum would likely surpass it in performance during the upcoming period.

Crypto expert Altcoin Sherpa pondered over the potential price decline of Solana, predicting it could dip as low as $120 when examining its USDT chart. He expressed his unwillingness to invest until it reached $140 and suggested a possible further wait until around $120. However, in the grand scheme of things, Altcoin Sherpa remains optimistic about Solana’s future and believes it will surpass $500 in value this year.

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2024-06-15 23:10