Major whale transfers for Solana (SOL), the seventh-largest cryptocurrency by market capitalization, are detected by the cryptocurrency data tracker Whale Alert.
Three transactions totaling more than 2.1 million Solana coins were made in the past 24 hours. Initially, 899,999 SOL totaling $50,456,212 were moved between unidentified wallets. A further transfer of 900,000 SOL worth $50,465,194 was made between unidentified wallets. Then, 336,999 SOL worth $19,100,615 were transferred to the Coinbase cryptocurrency exchange by an unidentified whale.
https://x.com/whale_alert/status/1729066115655954785?s=20
Although the precise causes of the token changes are yet unclear, it is feasible to deduce some things based on where they are going.
Moving to unknown wallets in the first two transactions can be indicative of an over-the-counter (OTC) transaction, which takes place outside of a cryptocurrency exchange.
One of the reasons tokens are moved to exchanges is because of a transaction that occurred recently that advised moving to a cryptocurrency exchange, specifically Coinbase. This transaction may have indicated selling.
Is reversal on horizon?
Solana is seeing a price decline following an almost 450% increase in the past year. As of this writing, SOL had down 19% from its recent highs of $68.18, down 4.75% over the previous 24 hours to $55.
Similar fluctuations in the cryptocurrency market are reflected in the 24-hour decline, with major currencies Ethereum (ETH) and Bitcoin (BTC) falling 2.46% and 1.47%, respectively, during this time.
The bears rejected Solana’s bid to breach above the $69 mark. If this barrier is overcome, Solana may try to hit new yearly highs, with $75 being the next objective.
On the other hand, if the price drops below its present level, the bears will try to breach the solid support level of $51, from which the SOL price has risen twice in the last several weeks. If they are successful, Solana may drop to $48 where buyers are probably going to come in.
