Solana Whale Shakes Market With $372 Million Transfer, Where Are The Coins Headed?
June 15 2024 - 3:00PM
NEWSBTC
Solana (SOL) whales are at it again, as they are seen to have moved
a significant amount of their Solana holdings in the last 24 hours.
This comes amidst the bearish sentiment in the crypto market, which
has also caused Solana’s price to decline. Solana Whales Move
Over $500 Million Worth Of SOL In Several Transactions On-chain
data shows that Solana whales have conducted six large transactions
in the last 24 hours. The first transaction involved the transfer
of over 1.5 million SOL tokens ($216 million) to an unknown
wallet (HCC…wmr). This wallet then sent 1.13 million
SOL tokens ($163 million) to four different unknown wallets,
with this unknown wallet (Auj…yhS) a majority of the transferred
funds (1 million SOL tokens). Related Reading: Ethereum Withdrawals
From Coinbase Top $1.2 Billion, What’s Going On? The third
transaction involved the transfer of just over 1 million Solana
tokens ($144 million) from an unknown wallet (GYj…gG6) to another
unknown wallet (4Ax…TAh). This wallet then transferred the tokens
to another unknown wallet (3vx…kom). The fifth transaction still
involved the unknown wallet (3vx…kom), which moved 1.6 million
Solana tokens ($230 million) to another unknown wallet (FnH…Arr).
This unknown wallet then transferred the received tokens to a
Coinbase-linked wallet. This transaction suggests that the Solana
whale may be looking to offload their tokens, which would
negatively impact Solana’s price. However, the earlier transactions
indicate that the other Solana whales may just be rotating their
capital between wallets rather than offloading them on the
market. This is also feasible considering that there has been
a lot of activity on the Solana network, with traders actively
trading due to the ongoing meme coin frenzy. Data from DappRader
shows that the transaction volume on the network has continued to
soar despite SOL’s declining price. What Next For SOL’s Price
Crypto analyst Ali Martinez recently mentioned that Solana is set
for a “major 53% price move.” He added that the market should keep
an eye on the $143 support and $178 resistance levels to gauge
sentiment on the crypto token. Crypto analyst Jelle seems to
have a bearish sentiment toward SOL. He recently revealed that
Solana has failed to repeat a similar pattern from earlier in the
year and has now lost the $150 support level. He stated that he
wouldn’t be surprised if Solana dropped to as low as $140.
Crypto analyst Altcoin Sherpa also revealed his bearish sentiment
for SOL, stating that the current celeb meta isn’t “healthy” for
the crypto token’s ecosystem. He added that Solana’s chart looks
“pretty scary” and that Ethereum will probably continue
outperforming it for this next stretch. Related Reading:
Dogecoin Sees Monumental Surge In Transactions As Whales Spend $129
Million Altcoin Sherpa also discussed the possibility of Solana
dropping to as low as $120 while analyzing its USDT pair. He stated
that he wouldn’t invest in Solana until it dropped to $140 and that
he might just continue to wait until it fell to around $120. In the
long term, the crypto analyst is still bullish on Solana and
expects it to rise above $500 this year. Featured image
created with Dall.E, chart from Tradingview.com
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