The post Massive Solana (SOL) Whale Movements Amid 80% Monthly Price Upswing appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. In a surprising turn of events, the Solana (SOL) cryptocurrency has witnessed massive whale movements, with notable transactions indicating significant profit-taking strategies. Lookonchain, a prominent blockchain analytics platform, shared insights on a whale depositing and withdrawing substantial amounts of SOL on the Binance crypto exchange. According to Lookonchain, a whale deposited a staggering 303,756 SOL, equivalent to $32.8 million, to Binance, raising speculation that the move was made with the intention of selling for profit. Over the past month, the same whale withdrew an impressive 423,754 SOL, valued at $28.18 million, from Binance at a rate of $66.5. Despite these withdrawals, the whale still has 119,998 SOL, amounting to $12.44 million, staked, resulting in a profit exceeding $17 million. Intriguingly, the whale also made a noteworthy transaction on Sept. 29, withdrawing 19,704 SOL, valued at $394,000, at a rate of $20 from Binance. Subsequently, on Nov. 8, the same SOL was deposited back into Binance at a rate of $43, resulting in a substantial profit of $453,000, marking a significant increase of 115%. Whale movements amid correction Whale Alert, a service that tracks large cryptocurrency transactions, also reported on a substantial movement on the Solana network. A colossal transfer of 600,000 SOL, equivalent to a staggering $63.47 million, was made from an unknown wallet to another unknown wallet, adding an…

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Filed under: News - @ December 30, 2023 4:20 am