In a series of big proceedings, Solana (SOL) whales have moved a staggering $82 million worth of SOL into unknown wallets, Whale Alert reported. The first significant transfer of 150,000 SOL, equivalent to $15,054,830, was observed from the Bybit exchange to an undisclosed wallet. Shortly after, another substantial transaction involving 659,283 SOL, valued at $67,093,244, occurred between unknown wallets.
In a series of big proceedings, Solana (SOL) whales have moved a staggering $82 million worth of SOL into unknown wallets, Whale Alert reported. The first significant transfer of 150,000 SOL, equivalent to $15,054,830, was observed from the Bybit exchange to an undisclosed wallet. Shortly after, another substantial transaction involving 659,283 SOL, valued at $67,093,244, occurred between unknown wallets.
The whale movements have sparked speculation within the Solana community, with many questioning the motives behind these substantial transfers. These large-scale transactions often attract attention as investors and analysts examine the movements of major holders for potential information on market sentiment and future price trends.
Solana price movements
The recent movement of funds coincided with a temporary drop in the price of Solana over the last 24 hours. According to the latest data, SOL is priced at $100.47, reflecting a decrease of 2.96% in the last day. Despite this short-term drop, the cryptocurrency has shown resilience during last week, with a notable increase of 16.40%. Solana’s 24-hour trading volume has also seen an increase, standing at $3,607,213,097 and marking an increase of 26.40%.
Despite the recent price decline, market analysts maintain a bullish outlook on Solana. In particular, crypto analyst Rekt Capital voiced optimism about SOL’s potential for significant upside. Rekt Capital emphasized the importance of any potential decline into the $98.98 range, suggesting that such events could serve as an opportunity to reclaim the old range low. This, in turn, could pave the way for a potential reboundwith a set goal of at least $115.
Since the market remains dynamic and influenced by various factors, the movements of major holders such as whales play a crucial role in shaping sentiment. The recent multi-million dollar transfers highlight the ongoing activity and potential impact of large-scale investors on Solana market dynamics. Investors and analysts continue to closely monitor its price movements and whale activities, hoping that the cryptocurrency maintains its upward trajectory.
