Unexpectedly, there have been large whale movements in the Solana (SOL) cryptocurrency, with certain transactions showing clear profit-taking tactics. Prominent blockchain analytics tool Lookonchain provided information on a whale that made large deposits and withdrawals of SOL on the Binance cryptocurrency market.
A whale deposited an astounding 303,756 SOL, or $32.8 million, to Binance, according to Lookonchain. This amount has sparked rumours that the whale intended to sell the cryptocurrency for a profit. The same whale took out an astounding 423,754 SOL, worth $28.18 million, at a rate of $66.5, from Binance throughout the course of the previous month. The whale still has 119,998 SOL, or $12.44 million, staked despite these withdrawals, meaning that it has made a profit of more than $17 million.
https://x.com/lookonchain/status/1740334408589300071?s=20
Notably, the whale also made a notable withdrawal from Binance on September 29th, taking out 19,704 SOL, which is worth $394,000, at a cost of $20. The same SOL was then redeposited into Binance on November 8 at a rate of $43, generating a huge profit of $453,000—a noteworthy rise of 115%.
Whale movements amid correction
There has been a significant activity on the Solana network, according to Whale Alert, a service that monitors significant cryptocurrency transactions. An enormous transfer of 600,000 SOL, or an astounding $63.47 million, was conducted from one unidentified wallet to another, shrouding in mystery and enhancing the already fascinating string of transactions.
https://x.com/whale_alert/status/1740322905139896414?s=20
According to the most recent information available, the price of Solana (SOL) is $102.15. The cryptocurrency has demonstrated an excellent overall rise of 82.55% over the previous 30 days, despite a minor decrease of 8.99% in the last 24 hours. As previously reported by U.Today, it seems that Solana bears have entered the picture, causing an unanticipated downturn, after a stellar performance in December.
All things considered, the Solana community is deeply speculating due to the sequence of whale movements and the most recent price trend. Analysts are keeping a careful eye on these occurrences in order to comprehend the driving forces behind these significant whale transactions as well as to get insight into the larger trends influencing the SOL market.
