Solana Landfill Seems Far From Over Whales continue to unload their SOL holdings during this market downtrend. The recent upheaval in the crypto space may have also contributed to these whales’ bearish sentiment towards Solana.
Crypto Whale Sells $16 Million Worth of Solana
In an X (formerly Twitter) jobTHE Lookonchain on-chain analytics platform has brought to the attention of the crypto community a whale that has sold 114,300 SOL ($16 million) on Binance and OKX since August 4. The most recent sale by this whale was on August 20, when it sold 10,000 SOL ($1.41 million).
Related Readings
BTCNews previously reported about a crypto whale that sold $86 million worth of Solana this year. This particular whale is also back in action, as on-chain data shows that they recently sold 20,000 SOL ($2.9 million), bringing this whale’s total Solana sales to 614,000 SOL ($89 million) since January 15.
While the reason for these recent selloffs remains unknown, they could be related to the bearish sentiment in the Solana ecosystem. With its once vibrant meme coin ecosystem under threat from other networks like Tron and Binance Smart Chain (BSC), Solana trading volume on decentralized exchanges (DEX) is in decline, a move that could ultimately affect its price.
Data Data from DeFiLlama shows that Solana’s DEX volume has dropped by over 20% in the past seven days. Meanwhile, Tron and BSC’s trading volumes have increased by over 436% and 15%, respectively. This development is already weighing on Solana, as SOL’s price has remained tepid. Data CoinMarketCap’s data shows that Solana is one of the few cryptos in the top 20 cryptos by market cap that has not seen a gain in the past seven days.
Another reason for the recent bearish outlook on Solana is the fact that the United States Securities and Exchange Commission (SEC) had rejected the proposal of the Chicago Board Options Exchange (CBOE) 19b-4 Deposits for Solana Spot ETFs. The Commission would still be adamant that Solana is a security.
Some whales are not discouraged
Despite the downward trend Perspectives on Solanaa few crypto whales did not let themselves be discouraged and saw this as an opportunity to accumulate more SOL. Two whales in particular have recently invested millions of dollars into the crypto token: the first whale (9tuA8L) withdrawn 30,000 SOL ($4.25 million from Binance and I bet those chips on August 21st.
Related Readings
Meanwhile, the second whale (7CsCGy) also withdrawn 26,245 $SOL ($3.72M) from Binance and staked those tokens on August 21. This move could undoubtedly be profitable, especially if Solana’s fundamentals pick up. Crypto analysts like Ali Martinez had previously predicted that SOL could reach $1,000 in this bull run.
At the time of writing, Solana is trading at around $142, down over the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart by Tradingview.com
