The post Solana Whales Move Over $500 Million in SOL Amidst Bearish Market Trends appeared on BitcoinEthereumNews.com.

Solana (SOL) whales have captured attention with a series of significant transactions in the past 24 hours against a backdrop of bearish market sentiment. This series of large movements by SOL whales occurs amid a declining trend in Solana’s market price. Insightful quotations from notable crypto analysts emphasize the potential impact and future outlook of these activities on SOL’s valuation. Solana whales make notable moves amid bearish market, causing speculations on SOL’s future price trajectory. Solana Whales Facilitate Over $500 Million in Transactions Recent on-chain data indicates that in the last 24 hours, Solana whales participated in six significant transactions. Notably, an initial movement saw over 1.5 million SOL tokens (approximately $216 million) transferred to an unidentified wallet (HCC…wmr). Following this, around 1.13 million SOL tokens ($163 million) were relocated to four separate unknown wallets, with the wallet (Auj…yhS) receiving the bulk of these transfers (1 million SOL tokens). Subsequent Whale Activities Additional transactions were also recorded – one of which involved transferring just over 1 million SOL tokens ($144 million) from an unknown wallet (GYj…gG6) to yet another unidentified wallet (4Ax…TAh). This wallet subsequently transferred the tokens to another unknown wallet (3vx…kom). Moreover, in a fifth transaction, the wallet (3vx…kom) shifted 1.6 million Solana tokens ($230 million) to a different unknown wallet (FnH…Arr). The final transaction saw this unknown wallet transferring the received tokens to a Coinbase-linked wallet. This action implies that the whale behind this movement might be gearing up to offload their tokens, potentially affecting Solana’s market price negatively. Conversely, the previous transactions suggest that some whales might merely be redistributing their holdings across various wallets without intending to sell them immediately. Amid these substantial movements, Solana’s network activity remains high. This aligns with a period of active trading driven by the ongoing meme coin surge. Despite…

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Filed under: News - @ June 16, 2024 12:22 am