Whale Interest In Solana Dips
Big crypto traders are moving large amounts of Solana (SOL) to popular exchanges, even as the altcoin has seen a 50% rally in the past week. Transactions involving Solana have been flagged by Whale Alert, indicating a potential decrease in interest.
An anonymous whale recently transferred over 1.2 million SOL, worth nearly $150 million, to an unknown wallet. Another undisclosed wallet transferred 456K SOL, worth around $54 million. Additionally, $19.4 million worth of Solana was sent from an unidentified whale to a wallet linked to Binance.
Other significant transactions include SOL being transferred to Coinbase from unknown wallets. Historically, whales dumping or accumulating tokens can impact markets and cause price fluctuations.
Solana Has Rallied 50% In 7 Days, Will The Momentum Continue?
SOL is currently priced at $112.4, showing a 1.6% increase in the last 24 hours. Over the past seven days, Solana has experienced a surge of over 50% and has seen a staggering 906% growth year-to-date. This growth is driven by bullish sentiment in the crypto space and Bitcoin’s rise above $42,000.
Data from Santiment shows that the hype around Solana and the weighted sentiment for SOL are increasing. Social media users are bullish on the altcoin, and DEX volumes on Solana have increased significantly.
However, given the volatile nature of the crypto market and recent choppy trading in the broader digital asset space, investors should be cautious and conduct thorough research before making investment decisions.
Hot Take: Is a Market Sell-Off on the Horizon?
With whales unstaking large amounts of Solana tokens and the recent decrease in interest, there is speculation about a potential market sell-off. While Solana has experienced significant growth recently, it is important to consider the impact of whale behavior on the market. Investors should closely monitor the situation and stay informed to make well-informed decisions.
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