In accordance with onchain knowledge from Solscan, one Solana (SOL) whale unstaked 200,000 cash, price round $30 million, over the past three days. The person has since moved the tokens to Binance, the world’s largest cryptocurrency change by quantity.
Solscan knowledge reveals that the validator unstaked and bought 1.2 million SOL tokens between June and July, price round $178 million.
Why Is The Whale Promoting Their Solana?
SOL witnessed an unbelievable rise over the past two years. The asset fell to document lows after the collapse of FTX in November 2022, dipping to sub-$10 ranges. Since its 2022 lows, SOL’s worth has skilled fairly a comeback, briefly reclaiming the $200 stage mark earlier this yr.
It’s doable that the whale anticipates a worth correction for Solana (SOL) and will purchase extra tokens when costs are low. However, it’s also doable that the person goals to guide income and keep out of the mission.
Will The Asset Face A Worth Correction?
The motion of belongings into exchanges is commonly thought-about bearish because it results in the potential of them being bought out there. Promoting $30 million price of SOL could negatively influence the asset’s worth.
Regardless of the whale motion, SOL has not witnessed a worth dip but. The asset is up 0.7% within the day by day charts, 8.7% within the weekly charts, almost 12% within the 14-day charts, and greater than 679% since September 2023. SOL continues to glow crimson within the month-to-month charts, dipping by nearly 4% over the earlier 30 days.
CoinCodex knowledge suggests SOL will consolidate round present worth ranges for the rest of the month earlier than breaking right into a rally in mid-October.
