Solana (SOL) Whales Transfer 8M Tokens: Is SOL Poised for Breakout?

Solana(SOL) price has been experiencing a horizontal market trend with modest gains recently. Over the last several days, its price has shown some fluctuations.

Two cryptocurrency investors, identified by their addresses “9tuA8L” and “7CsCGy,” have collectively acquired 56,245 SOL, valued at approximately $8 million, as per a recent report by the on-chain analytics firm, Lookonchain.

The large-scale acquisition suggests that these investors are capitalizing on the current favorable buying conditions despite the overall bearish sentiment in the market.

Prominent crypto investors are observed to be acquiring substantial amounts of Solana (SOL). As per recent updates, two significant cryptocurrency investors have collectively moved 8 million tokens of SOL from the Binance [BNB] exchange.

Collectively, these investors acquired 56,245 SOL, which, at the present market valuation, is approximately $8 million. The two investors, known by their crypto addresses “9tuA8L” and “7CsCGy,” made separate transactions to obtain large quantities of the solana token.

The former account moved 30,000 SOL, whereas the latter transferred 26,245 SOL. This significant acquisition suggests that these investors are capitalizing on the current favorable buying conditions despite the overall bearish sentiment in the market.

Meanwhile, data from the analytics platform Santiment highlights fluctuations in these metrics. The graph presents two lines: the green for Solana’s price and the red for whale stablecoin holdings. Periods where increases in whale holdings align with rises in Solana’s price are visible.

A sharp increase in stablecoin holdings by whales appears without an immediate Solana price increase.

This could indicate a preparatory phase by investors, possibly hinting at upcoming market transactions. The influence of whales through substantial stablecoin transactions warrants ongoing observation.

Solana’s price has seen significant fluctuations over the past 24 hours. The altcoin has been hovering between a high of $144.81 and a low of $140.93, indicating volatility in the market. As of reporting time, the SOL price hovered at $142.82, making a slight surge of 1.10% during the day.

Over the past month, the price of Solana has experienced a significant downturn, declining by 20.26%. The past week alone saw a further decrease of 1.70%, continuing the downward trend.

The above is the detailed content of Solana (SOL) Whales Transfer 8M Tokens: Is SOL Poised for Breakout?. For more information, please follow other related articles on the PHP Chinese website!