Over $158 million worth of Solana (SOL) was moved to Coinbase, one of the most well-known cryptocurrency exchanges, in an unanticipated burst of activity. Whale Alert, a reputable service that monitors important cryptocurrency transactions, informed the crypto community of this noteworthy incident. Whale Alert provided details on the large-scale SOL transfer from unknown wallets to Coinbase in a series of tweets.
The deals happened quickly one after the other. The first deal involved 201,629 SOL and was worth about $39.6 million. A second transfer of 201,629 SOL, worth at $39.6 million, happened right after this. A little smaller sum of 201,174 SOL, or about $39.5 million, was transferred in the third transaction, and a transfer of 202,279 SOL, or about $39.7 million, was recorded in the last tweet.
Implications for Solana
According to some, this may be the move of a large investor or group of investors looking to reduce the amount of assets they own on Coinbase, possibly in order to get ready to sell. Some view it as a calculated move, maybe utilising Coinbase’s liquidity for OTC transactions or large-scale investment schemes that are often hidden from the public eye.
The effects of these trades on Solana and the larger market are still being felt in the meantime. If SOL’s transfer to Coinbase is marketed, there may be a lot of selling pressure on the market, which might have a negative impact on Solana’s price. However, the short-term effect on Solana’s price may be insignificant if these actions are a part of a bigger strategic strategy that excludes selling on the open market.
Considering the recent upward trend in the price of Solana, the timing of these trades is very notable. SOL was trading at $196.96 at the time of the transactions, indicating a little gain of 0.22% over the previous day. On the other hand, SOL has seen an incredible increase of 46.92% within the past month. Furthermore, Solana’s 24-hour trading volume has increased significantly—it is now $3.27 billion, up 51.51%.
