Solana Whale Shakes Market With $372 Million Transfer, Where Are The Coins Going?

Solana (SOL) whales they are here again, as they seem to have moved a significant amount of their Solana supplies in the last 24 hours. This comes amid bearish sentiment in the crypto market, which has also resulted The highest value of Solana to refuse.

Solana Whales Go Over $500 Million Worth Of SOL In Multiple Sales

On-chain data shows that Solana whales they’ve done six major jobs in the last 24 hours. I the first transaction involved the transfer of more than 1.5 million SOL tokens ($216 million) to an anonymous fund (HCC…wmr). This bag then sent 1.13 million SOL tokens ($163 million) in four different anonymous wallets, with this anonymous wallet (Auj…yhS) the majority of funds transferred (one million SOL tokens).

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I 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 bag then transferred tokens from another anonymous wallet (3vx…kom). The fifth transaction still involves an unknown wallet (3vx…kom), itself moved 1.6 million Solana tokens ($230 million) in another anonymous wallet (FnH…Arr).

This bag was unknown at the time transferred tokens received from a wallet connected to Coinbase. This transaction suggests that Solana whale may be looking to issue its tokens, which could have a negative impact. The highest value of Solana. However, previous transactions indicate that some Solana whales may be moving their money between wallets rather than taking it out on the market.

This is also possible considering that there has been a lot of work in this game Solana Networkand active sellers due to the ongoing meme frenzy. The data from DappRader shows that transaction volume on the network has continued to increase despite the drop in SOL price.

Next in SOL Price

Crypto analyst Ali Martinez recently mentioned that Solana is set for a “massive 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 Jelle analyst seems to have a low opinion about SOL. He which was recently revealed that Solana failed to repeat the same pattern from the beginning of the year and has now lost the $150 support level. He said he would not be surprised if Solana drops to $140.

Crypto Altcoin Analyst Sherpa and revealed his bearish sentiment for SOL, saying the current celeb meta is not “healthy” for the crypto token ecosystem. He added that Solana’s chart looks “pretty scary” and that Ethereum will likely continue to outperform this next batch.

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Altcoin Sherpa also discussed the possibility of Solana going down to $120 while analyzing its USDT pair. He stated that he will not invest in Solana until it drops to $140 and that he may continue to wait until it drops to around $120. Lately, crypto analysts are bullish on Solana again it is waiting it will rise more than $500 this year.

The featured image was created with Dall.E, a chart from Tradingview.com