According to Lookonchain, a major cryptocurrency investor has sold 594,000 Solana (SOL) tokens this year. These large investors in the world of crypto are commonly known as whales. The value of these total SOL tokens is approximately $86 million. Since January 15, 2024, this whale has been regularly selling SOL by depositing it into major exchanges including Coinbase, Binance, and OKX.
Whale Sells 20,000 SOL Weekly, Impacting Solana Market
As per data shared by Lookonchain, this whale on average has made one sale per week. In the most of time, each sale equals around 20,000 SOL. The most recent sale took place a few hours ago adding to the flow of trading activity.
Such a pricing strategy lowers the price and encourages the acquisition of significant amounts of SOL, a pattern noticed in the crypto space. It means the transfer of a sizable amount of funds, which can potentially alter the market position of Solana. The frequency and volume of these sales might be a strategy to manage the whale’s holdings or respond to market conditions.
Major Whale Sales Highlight Influence on Solana’s Market Dynamics
For investors and analysts, these transactions illustrate large-scale actors in the cryptocurrency marketplace. It even opens the question if this whale is changing its mind or shifting strategies or market feelings toward Solana.
These transactions highlighted by Lookonchain, which shows major shifts that happen in the crypto market. Lastly, the multiple and rather large sales make it clear that large investors indeed play a significant role in promoting the cryptocurrency market activity.
Source: https://blockchainreporter.net/huge-solana-whale-sells-86-million-in-sol-in-8-months/