Large cryptocurrency whales are actively selling SOLANA (SOL), which causes concern in the market.
This surge of sales occurs against the backdrop of the weak results of Solana, as Altcoin continues to lag behind the global cryptocurrency market.
SOLANA price is falling, whales drop millions of tokens
In a recent post on the social network X (previously Twitter), the Lookonchain analytical platform reported that three whales walked more than 226,000 SOLs to exchanges over the past hours. The sale of an asset estimated at about $ 40 million may indicate a fixation of profit or a change in the strategy of large investors.
Lookonchain noted that CMJIHU introduced 96,996 SOL ($ 17.45 million) to the exchanges. In addition, 5pjmxa translated 91,890 SOL, estimated at almost $ 15.98 million to Kraken. Finally, Hin7ss sent 37,658 SOL worth $ 6.73 million on Binance, fixing a profit of $ 1.63 million.
At the weekend, Galaxy Digital transferred 224,000 SOL, estimated at $ 41.12 million, to Binance and Coinbase. In addition, Beincrypto reported last week that the financial service company with digital assets deduced 250,000 SOLs from Stayiking, worth about $ 40.7 million.
Then the company transferred them to Binance. Another large investor also removes significant volumes of his SOLANA from stakeing. The pressure of sales coincides with the lack of enthusiasm among investors, which is confirmed by the results of the REX OSPREY SOLANA exchange fund.
According to Farside Investors, ETF did not show pure flows in most of August’s trading sessions, with a positive stream only one day.
Meanwhile, the price of SOL remains under pressure. The Beincrypto Markets data show that altcoin is hardly approaching its record maximums, remaining 40% lower than historical peak.
Other cryptocurrencies, such as ETH, survived a significant rally, and the last upward trend raised its price to levels, for the last time recorded in 2021. In addition, Sol fell by 5.49% in the last day. At the time of writing, he traded at $ 175.64.
There are also positive signals for Solana
There is good news for Solana. OSL HK, an adjustable cryptocurrency exchange, announced the beginning of SOLANA trade for retail investors.
In addition, Blue Origin Jeff Bezos began to take SOL along with Bitcoin (BTC), Ethereum, Tether (USDT) and USDC for reservations of space flights, which indicates a growing interest in cryptocurrencies.
The SOLANA ecosystem also reached an important line: the release of memcoirs exceeded 3%, which indicates an increase in activity.
These events demonstrate prospects for the widespread adoption of SOLANA, but the ongoing sales of large holders create uncertainty around the asset. It is not known whether they will continue the sale or change the strategy, which can affect the future of token.
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Source: Cryptocurrency
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