Solana (SOL) Faces Potential Drop as Whale Moves $10.3M to Exchange
The Essentials in Brief
The cryptocurrency Solana (SOL) could be at risk of falling below the $130 USD mark. This is due to recent price movements that have prompted some holders to realize profits. A so-called “whale,” i.e., a holder of a large amount of SOL, recently transferred nearly 80,000 SOL to an exchange, presumably for sale.
Price Movements in Solana
Solana has recently experienced price increases reminiscent of the 2022 level. This upward movement has led to a significant amount of SOL being transferred from a whale to an exchange. How does the volume associated with this whale movement compare to the trading volume recorded in the last 24 hours?
Solana Whale Takes Profits
According to a tweet from Whale Alert on March 2, a Solana whale is strategically positioning itself for profit-taking. The unidentified wallet transferred 79,983 SOL, equivalent to nearly $10.3 million USD, to the Coinbase exchange. This move by the whale is in line with expectations considering the constant upward trends observed in SOL over the past few weeks.
Solana Reaches Highest Level in Nearly Two Years
The analysis of Solana’s performance on a daily timeframe showed a remarkable increase of over 30% in the last week. This upward movement drove SOL to a price level reminiscent of April 2022. At the close of trading on March 2, SOL stood at about $130 USD, representing a modest increase of less than 1%.
Solana Volume Drops, But Takes on Whale Sales
The examination of Solana’s volume on Santiment showed that it closed February with an impressive increase, reaching its highest volume in months, totaling over $7 billion USD. However, the volume has since experienced a decline and stood at about $2.4 billion USD at the time of reporting.
Solana TVL Reaches Annual Highs
The total value locked in Solana (TVL) has experienced a significant upswing. Notably, the TVL has risen from about $1.4 billion USD on the 27th to over $2.5 billion USD at the time of reporting.
Our Assessment
Recent price movements in Solana and the associated whale transactions could indicate that the cryptocurrency is under pressure. It remains to be seen whether the price movements will continue to be volatile or whether a more stable price development will emerge.
Sources: AMBCrypto, Trading View, Santiment, DefiLlama.
| Symbol | SOL |
| Coin type | Alt Coin |
| Transaction Speed | High |
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