With its price having surged to its highest point of the year once more, Solana (SOL) is on a spectacular trajectory. As of this writing, $88.10 is the price according to CoinMarketCap data, up 10.5% over the previous day. Given that the coin has increased by 785% year to date (YTD), the price prognosis has prolonged Solana’s growth rate for the year.
While market watchers are congratulating Solana on her outstanding achievement, some whales may be preparing a liquidation strategy that might lead to a negative reversal in cryptocurrency prices. A total of $50,983,065 was transferred at the moment the transaction was started, according to data from the market monitoring portal Whale Alert.
https://x.com/whale_alert/status/1737800789911875624?s=20
Since the coins in this transaction came from an unidentified wallet and went to another unregistered address, there is a lot of space for conjecture. Since the addresses are unrelated to a cryptocurrency trading platform, it is possible that this is an over-the-counter (OTC) transaction, which would account for the significant shift.
This Solana change, which is the first significant one to be documented this week according to a trustworthy tracker of whale transactions, supports the potential sell-off theory even more.
Solana outpacing key rivals
The most recent Solana price spike has propelled the virtual currency to fifth place among the biggest cryptocurrencies by market value, after it had been lagging behind XRP for months. As of this writing, XRP’s market capitalization is $33,448,755,775, whereas Solana’s is $37,737,499,927.
In addition to XRP, Solana is exhibiting a greater DeFi volume rise than Ethereum. According to prior U.Today reporting, Solana has maintained its increase in total DEX volumes ahead of Ethereum as a result of the BONK craze and Inscriptions, which are fostering an unusually positive attitude throughout the network.
