Solana (SOL) has once again captured the attention of the cryptocurrency community as whales have executed substantial transfers of their SOL holdings over the past 24 hours. This activity coincides with a bearish sentiment prevailing in the broader crypto market, contributing to a decline in Solana’s price.
According to on-chain data, Solana whales have orchestrated six major transactions recently. The largest transfer involved the movement of over 1.5 million SOL tokens valued at $216 million to an unknown wallet (HCC…wmr). Subsequently, this wallet distributed 1.13 million SOL tokens worth $163 million across four different unknown wallets, with one wallet (Auj…yhS) receiving the majority (1 million SOL tokens).
In another significant transaction, an unknown wallet (GYj…gG6) transferred just over 1 million Solana tokens valued at $144 million to another unknown wallet (4Ax…TAh). The tokens were then forwarded to a third unknown wallet (3vx…kom). The fifth transaction involved wallet (3vx…kom) transferring 1.6 million Solana tokens worth $230 million to another unknown wallet (FnH…Arr), which subsequently sent the tokens to a wallet linked with Coinbase.
The movement of tokens to a Coinbase-linked wallet suggests a potential intention by the Solana whale to divest their holdings, potentially impacting Solana’s market price negatively. However, earlier transactions indicate that other Solana whales may simply be repositioning their capital between wallets rather than selling tokens on the open market.
This activity occurs amidst heightened trading on the Solana network, fueled in part by the ongoing frenzy surrounding meme coins. Data from DappRader indicates a significant increase in transaction volume on the network despite SOL’s recent price decline.