Tracking on-chain data, Lookonchain has uncovered a notable whale movement in the altcoin market.
About 8 hours ago, a whale unstaking 245,922 SOL worth $45.85 million and depositing it to Binance.
Transfers of this magnitude can often have short-term effects on the market. Analysts note that such large amounts of Solana being sent to exchanges are often interpreted as preparations for a sale. If these SOLs are sold, additional selling pressure may be created in the market, which could have a downward effect on prices.
Recently, Solana has been experiencing volatility in terms of both on-chain activity and price performance. The actions of large investors in particular are critical to the future of the ecosystem and market sentiment.
Stay tuned