The post Whales Transfers $28 Million Solana to Binance appeared on BitcoinEthereumNews.com.

Amid the ongoing wider consolidation in crypto markets, Solana investors appear to lose interest. Today, a crypto whale made a huge offload of Solana tokens to Binance, a move that could be bearish for SOL’s price. Massive transfer of SOL to Binance Today, January 11, Whale Alert spotted a huge transfer of Solana tokens to the Binance exchange. According to its reported data, an unknown wallet made a transfer of 149,999 Solana (worth $27,919,102) to Binance. Such large-scale transaction is normally affiliated with whales. The unknown wallet means that the owner cannot be identified. These are wallets that are normally not linked to any recognized centralized platform and therefore possibly belong to traders’ personal wallets. It seems that the whale transferred the tokens from his private cold wallet to Binance for transaction purposes. This form of transaction is typically known as an exchange inflow. Traders normally make exchange inflows when they intend to use trading services that centralized exchanges offer. On the other hand, this whale’s activity signals potential Solana sales. It indicates a general market sentiment, as investors appear unwilling to hold for long, possibly due to price decrease concerns or other interest. Yesterday, on Friday, Jan 10, another Solana whale deposited $45.7 million Solana from his self-custody wallet to Binance exchange. Market activities of this nature end up hurting the token’s price. They also give signals about potential sell-offs among large token holders. Solana price updates Cryptocurrency markets are currently experiencing challenges (due to global economic conditions), which have triggered the majority of asset prices to lose strength. Although Solana had been strong when the new year began, it recently lost gains. It is currently trading at $186.93, down 2.5% over yesterday, which signals increased selling pressure among big investors. SOL’s performance this week has been dull amid…

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Filed under: News - @ January 12, 2025 1:26 pm