July 23, 2024
Solana Whale Shakes Market With $372 Million Transfer, Where Are The Coins Headed?

Solana (SOL) whales are at it again, as they are seen to have moved a significant amount of their Solana holdings in the last 24 hours. This comes amidst the bearish sentiment in the crypto market, which has also caused Solana’s price to decline. 

Solana Whales Move Over $500 Million Worth Of SOL In Several Transactions

On-chain data shows that Solana whales have conducted six large transactions in the last 24 hours. The first transaction involved the transfer of over 1.5 million SOL tokens ($216 million) to an unknown wallet (HCC…wmr). This wallet then sent 1.13 million SOL tokens ($163 million) to four different unknown wallets, with this unknown wallet (Auj…yhS) a majority of the transferred funds (1 million SOL tokens).

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The third transaction involved the transfer of just over 1 million Solana tokens ($144 million) from an unknown wallet (GYj…gG6) to another unknown wallet (4Ax…TAh). This wallet then transferred the tokens to another unknown wallet (3vx…kom). The fifth transaction still involved the unknown wallet (3vx…kom), which moved 1.6 million Solana tokens ($230 million) to another unknown wallet (FnH…Arr).

This unknown wallet then transferred the received tokens to a Coinbase-linked wallet. This transaction suggests that the Solana whale may be looking to offload their tokens, which would negatively impact Solana’s price. However, the earlier transactions indicate that the other Solana whales may just be rotating their capital between wallets rather than offloading them on the market. 

This is also feasible considering that there has been a lot of activity on the Solana network, with traders actively trading due to the ongoing meme coin frenzy. Data from DappRader shows that the transaction volume on the network has continued to soar despite SOL’s declining price. 

Solana price chart from Tradingview.com
SOL price crashes | Source: SOLUSDT on Tradingview.com

What Next For SOL’s Price

Crypto analyst Ali Martinez recently mentioned that Solana is set for a “major 53% price move.” He added that the market should keep an eye on the $143 support and $178 resistance levels to gauge sentiment on the crypto token. 

Crypto analyst Jelle seems to have a bearish sentiment toward SOL. He recently revealed that Solana has failed to repeat a similar pattern from earlier in the year and has now lost the $150 support level. He stated that he wouldn’t be surprised if Solana dropped to as low as $140. 

Crypto analyst Altcoin Sherpa also revealed his bearish sentiment for SOL, stating that the current celeb meta isn’t “healthy” for the crypto token’s ecosystem. He added that Solana’s chart looks “pretty scary” and that Ethereum will probably continue outperforming it for this next stretch. 

Solana 1
Source: X

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Altcoin Sherpa also discussed the possibility of Solana dropping to as low as $120 while analyzing its USDT pair. He stated that he wouldn’t invest in Solana until it dropped to $140 and that he might just continue to wait until it fell to around $120. In the long term, the crypto analyst is still bullish on Solana and expects it to rise above $500 this year. 

Solana 2
Source: X

Featured image created with Dall.E, chart from Tradingview.com

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