Something strange is happening within Solana ecosystem. A group of whales suddenly transferred a whopping $500 million worth of SOL in just six large transactions. And all that happened within just 24 hours time frame.
Whales are the major crypto holders. And their actions a watched closely by analysts and ordinary users. When whales accumulate, it might mean future pump. When they sell it speaks trouble.
What happened with Solana yesterday is a bit of a different story.
So, there were six large transactions for a substantial amount of SOL worth $500 million. Five of those were transfers between unknown wallets, probably self-custodial. Nothing particularly interesting here. Probably, just a regular asset management.
But one transaction stands out. It was a massive transfer of 1.6 million SOL tokens worth around $230 million. The tokens went from an unknown wallet to a Coinbase account. And that is a clear signal of somebody's intent to sell.
Solana has been struggling to break the current sluggish price movement. There is a lot of discussions about new revolutionary meme coins based on Solana. Some rumours of Black Rock Solana ETFs are in the air. Major financial institutions are embracing Solana blockchain due to its blazing speed and low transaction costs.
Yet, the overall sentiments stay pretty much bearish, analysts note. We will have to wait and see if the market is going to react to that whale who suddenly decided to get rid of such a huge piece of Solana pie.