Solana Price Struggles as Whales Move over 2.5 Million Coins Between Wallets

Solana, the fifth-largest cryptocurrency by market cap, has experienced a downtrend following large SOL transfers by unidentified whales in the last 24 hours. According to a recent report, over 2.5 million SOL coins were transferred by the entities within the recorded. This development has raised speculations about the possible reason for the transaction and the potential impact on the asset’s future price.

Meanwhile, SOL is not the only coin to undergo major price corrections. Popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have also experienced a significant loss in the last 24 hours, losing at least 2% of their value from the previous day. While the broader market is going through bearish sentiment, large investors are taking advantage by opening positions and acquiring tokens at discounted rates.

Solana Whales Shift 2.5 Million Coins: Details

According to data provided by Whale Alert, two notable transactions carrying at least 1 million SOL were recorded within the last day. Per the data, the first transaction moved a mouthwatering 1,519,488 Solana coins, valued at $224.6 million from a wallet labeled ‘unknown’ to another unidentified wallet. Not recovering from the shock, another transaction was initiated shortly after carrying exactly 1,000,000 SOL coins from an anonymous wallet to another unknown wallet.

The two transactions cumulatively shifted $372.4 million worth of SOL in less than one hour. The sudden transfer especially at a time when the crypto market is experiencing mixed (neutral) sentiment, has raised concerns among investors.

However, it is important to note that transactions of this magnitude do not always signify sell-offs, rather they can be attributed to several scenarios such as accumulation for long-term holding, asset repositioning by institutional investors, or even an internal wallet restructure by large investors (commonly called whales). While the exact reason is still unknown, it has added to the layer of worries exhibited by market participants.

Solana (SOL) Price Movement

Over the last 24 hours, the price of Solana (SOL) has decreased significantly. According to CoinMarketCap data, SOL is currently changing hands at $140.37, representing a 5.50% decline at press time. What is more, the activities surrounding the coin, as portrayed in its 24-hour trading volume have also dipped by 10.33% to $2.20 billion signifying reduced activities among traders.

Importantly, SOL has traded between the lows and highs of $140.81 and $148.73 in the last 24 hours, which is still 45.6% below its all-time high of $259.96 reached on November 2021. In hindsight, SOL has dropped by 10.08% in the last seven days, and by 1.99% over the last month.