$SOL

Solana Whale Withdraws $14.3 Million SOL Investment.. What’s Next for the Price?

A Solana (SOL) whale recently unfrozen a massive amount of SOL tokens and deposited them to Binance, likely signaling an intent to sell for profit as volatility in the Solana market increases.

With the negative sentiment surrounding the altcoin on the rise, this large holder may have made a strategic move. Here’s why.

Solana Whale Puts Safety First

In a post on X on Friday morning, chain investigator Lookonchain found that a Solana whale unfrozen 106,213 SOL worth $14.3 million and deposited them to cryptocurrency exchange Binance.

The whale’s move is notable, as large transfers to exchanges often signal an imminent price shift. Transferring a large amount of coins to an exchange usually suggests that the owner is preparing to sell, which could potentially impact the market price of the asset.