Solana
$103 million in Solana (SOL) in 24 hours, what’s happening?
Cover image via www.freepik.com
Disclaimer: The opinions expressed by our editors 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 responsible for any financial loss incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
Whales have started making big moves on Solana (SOL) as its price begins a new rally. Whale Alert reported a huge transfer of Solana earlier today. The tracking service revealed that 656,296 SOL, worth approximately $103 million, was transferred from one unknown wallet to another unknown wallet.
This SOL transfer has raised some questions as the community struggles to understand the motive. Since the transfer is between two individual wallets, this confirms that it is neither a sale nor a purchase. It is most likely a strategic move on the part of this whale.
Crypto whales often make transactions between their wallets to distribute their holdings according to their trading strategies. At this time, it is not possible to confirm whether the whale will keep its SOL holdings or transfer them to another wallet. exchange sell.
However, this Solana transaction is major, as it is worth around $103 million. Such moves often create uncertainty and speculation within the community. But the positive for SOL holders is that the market does not seem to be fazed by this whale move.
Solana Price Sees Bullish Momentum
The price of SOL has remained bullish During this latest transfer, the cryptocurrency is trading around $156.91, after jumping 2.84% in the last 24 hours. Additionally, Solana’s trading volume has jumped 39.01% to $2.84 billion. This shows that the bulls are in control of the market and traders are becoming optimistic about the cryptocurrency.
Moreover, senior analysts share positive opinions about the coin. For example, crypto analyst Ali Martinez predicted that Solana’s price could reach the goal of $174Overall, several bullish signals are emerging for SOL, and it seems like it could enter a bull market from current price levels.