Solana Whales Deposit To Exchanges, Selloff Incoming?
November 02 2023 - 2:00PM
NEWSBTC
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. Related Reading: Analyst Reveals Why
Ethereum Is Underperforming Against Bitcoin 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). 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. Related
Reading: Bitcoin Whales Ramp Up Selling, BTC To Decline Below
$32,000? 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. 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. 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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