$1.2 Billion in Solana Moved in Mere Minutes, What’s Happening?

Solana has seen dramatic moves among whales in the last hour as the token continues to trend upward today. 

As enthusiasm appears to be returning to the crypto market, on-chain tracking firm Whale Alert has spotted Solana whales pulling large amounts of SOL from the leading U.S. crypto exchange on Sept. 11.

According to data provided by the source, Solana has recorded a series of high-volume transfers in the last hour, seeing over $1.2 billion worth of Solana being moved among large holders.

More specifically, the transfers happened in a series of seven separate transactions, each seeing hundreds of thousands of SOL tokens move between Coinbase Institutional and different unknown wallets.

Solana whales resurge with billion dollar moves

Among the pack of high-volume SOL transfers witnessed during the period, the largest of them all involved 1,756,934 SOL worth $398.84 million being mysteriously exchanged among two unknown wallets.

While the transaction did not involve the service of any crypto exchange, it is difficult to tell if the move was an attempt to buy or sell the tokens, pointing to a possible internal reshuffling of assets by large holders.

On the other hand, the smallest of the moves happened in two repeated identical transfers of 439,233 SOL worth $99.2 million each. Each of these transfers was pulled from the leading U.S. crypto exchange, signaling major buy activities from high-profile investors or institutions.

Other transactions involved 999,999 SOL worth $225.68 million moved from an unknown wallet to Coinbase Institutional, 755,934 SOL worth $171.20 million transferred back from an unknown wallet to Coinbase Institutional, and 505,935 SOL worth $114.70 million moved among two unknown wallets.

While the move appears bullish for the Solana ecosystem, the repeated major activities, which happened in dramatic consecutive order signal heightening interest from institutional investors or high-profile entities holding large amounts of SOL.

With these bullish moves coinciding with the broad crypto market rebound, market watchers are keeping a close eye on SOL price action as they remain optimistic that the large whale transfers could sustain the ongoing rally, pushing Solana’s price beyond expected highs.