Whale Alert has today reported four major Solana (SOL) transactions. It indicates that over $180 million in SOL have been sent to crypto exchange Coinbase today. The transfers show a major market-moving activity by SOL whales.
The first transaction includes a transfer of 322,817 SOL, worth around $45.5 million, from an unknown wallet to Coinbase. The subsequent transfer of 318,664 SOL, valued at $44.9 million, was also sent from an unknown wallet to the same crypto exchange.
Additionally, 317,314 SOL, worth around $44.7 million, and another 322,817 SOL, worth around $45.5 million, were transferred from unknown wallets to Coinbase. An important thing to note here is that the timing of these Solana whale moves comes at a time when the broader crypto market is facing a huge downturn.
Crypto bloodbath and SOL price
The total crypto market cap plummeted 5.07% today. As of writing this story, it is standing at $2.13 trillion. This crypto bloodbath has been predominantly led by Bitcoin (BTC). While BTC dump was caused by a plethora of reason, its price crash influenced the entire crypto industry.
The SOL price has not been immune to it. Currently trading at $135.01, the SOL price has seen a massive drop of 7.8% in the past 24 hours. To make the situation worse, this sudden transfer of SOL to Coinbase has added to the bearish sentiment surrounding the coin.
The crypto market has been experiencing increased volatility with no signs of gains. Along with it, the significant transfers of SOL to Coinbase has created more uncertainty in the Solana community. These transfers are of great importance because whales can have outsized effects on the market due to the large volumes involved.
Today's Solana tranfers show the influence of whale activity on the market. The transfer of over $180 million in Solana is a noteworthy event. The next few days will be crucial in determining the near-term outlook of the SOL price and the broader market.