Solana (SOL) whales have orchestrated a series of transactions totaling a staggering $180 million. The blockchain community is busy with speculation as Whale Alert, a platform that tracks large transactions in the crypto space, reported two significant movements.
The first transaction involved a whopping 1,782,144 SOL, equivalent to a staggering $170,364,121, being transferred from an unknown wallet to Coinbase. This sizable movement caught the attention of industry observers and raised eyebrows in the crypto sphere. Shortly thereafter, a follow-up transaction unfolded as 119,597 SOL, valued at around $11,436,478, made its way from Coinbase to a new mysterious wallet.
Crynet, a full-cycle blockchain marketing agency, offered its insights on the matter, suggesting that such large transactions are indicative of active market movements. However, they emphasized that the nature of these movements is not inherently bullish or bearish. The agency urged market analysts to consider the broader context surrounding these transactions and monitor subsequent actions for a clearer understanding.
This isn’t the first time Solana whales have made waves in recent days. Just a few days prior, on January 31st, Whale Alert reported a series of substantial transactions amounting to $82 million worth of SOL. The initial transfer involved 150,000 SOL, valued at $15,054,830, moving from the Bybit exchange to an undisclosed wallet. Shortly thereafter, another noteworthy transaction unfolded, with 659,283 SOL, worth an impressive $67,093,244, shifting between unknown wallets.
Solana Price Analysis
Despite these substantial transactions, SOL experienced a notable surge in price, reaching a 30-day peak of $107 on January 31st. The surge in SOL price was fueled by increased demand within the Solana DeFi ecosystem and positive speculations surrounding the impending Jupiter (JUP) decentralized exchange airdrop. However, since reaching the local top on January 31st, SOL’s price has experienced a significant pullback.
As per the latest update, SOL is trading at $97.71, reflecting a marginal 0.55% decline in price. However, the 24-hour trading volume has surged by 10% to reach $1,484,682,405, indicating continued market activity and interest in Solana’s cryptocurrency despite the recent price correction.
