Solana (SOL) Whales Move $82 Million to Unknown Wallets as Price Tumbles

In a series of large transactions, Solana (SOL) whales have moved a staggering $82 million worth of SOL to unknown wallets, as reported by Whale Alert. The first significant transfer of 150,000 SOL, equivalent to $15,054,830, was observed moving 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 stirred speculation within the Solana community, with many questioning the motives behind these substantial transfers. Such large-scale transactions often attract attention, as investors and analysts scrutinize the movements of major holders for potential insights into market sentiment and future price trends.

Solana price movements

The recent movement of funds coincided with a temporary dip in the price of Solana over the last 24 hours. As of the latest data, SOL is priced at $100.47, reflecting a 2.96% decrease in the past day. Despite this short-term decline, the cryptocurrency has shown resilience over the past week, with a notable 16.40% increase. The 24-hour trading volume for Solana has also seen a surge, standing at $3,607,213,097 and marking a 26.40% uptick.

Despite the recent price dip, market analysts maintain a bullish outlook on Solana. Notably, crypto analyst Rekt Capital expressed optimism about SOL’s potential for a significant surge. Rekt Capital emphasized the importance of any potential dips into the $98.98 range, suggesting that such events could serve as a reclaiming opportunity for the old range low. This, in turn, might pave the way for a potential rally, with a target set at least $115.

As the market remains dynamic and influenced by various factors, the movements of significant holders, such as whales, play a crucial role in shaping sentiment. The recent multimillion-dollar transfers highlight the ongoing activity and potential impact of large-scale investors on Solana’s market dynamics. Investors and analysts continue to closely monitor its price movements and whale activities, expecting the cryptocurrency to maintain its upward trajectory.