- SOL’s 14% surge ranks second among top 30 cryptocurrencies.
- Whale transactions involving 300,000 SOL on the Solana blockchain.
- Speculation arises as large holders potentially plan profit-taking.
While Bitcoin seems to be taking a breather in recent days, the spotlight has shifted to altcoins, and Solana is stealing the show with an impressive surge. Over the past 24 hours, SOL has catapulted upwards by more than 14%, reclaiming the $73 mark for the first time since early May.
In the dynamic landscape of cryptocurrencies, SOL’s performance in the last day ranks as the second strongest among the top 30 cryptocurrencies by market capitalization, with only Cardano (ADA) outpacing it in returns.
Notably, SOL has outshone its closest rival in market cap, XRP (XRP), hinting at the possibility of narrowing the gap and potentially surpassing it to secure the coveted fifth position in the cryptocurrency market.
However, as the Solana ecosystem celebrates this bullish momentum, caution flags are being raised due to whale activities observed on the blockchain.
Whale Watch: 300,000 SOL Inflows Spark Concerns
Data from the cryptocurrency transaction tracker, Whale Alert, reveals two significant transactions on the Solana blockchain within the last 24 hours. The first eye-catching transfer involved a staggering 150,000 SOL, valued at just under $10.2 million, indicating the involvement of a substantial whale in the crypto seas.
This massive movement originated from an undisclosed wallet, presumably the whale’s personal self-custodial address, and ended up in a wallet linked to the cryptocurrency exchange Binance. The timing of this transfer, coinciding with Solana’s rally, raises questions about the intention behind the move, with profit-taking through selling being a prominent possibility.
Adding to the intrigue, another whale transaction occurred roughly 13 hours later, involving nearly the same number of tokens. A closer look at the address details reveals a connection between the two transactions, suggesting that the same whale might be orchestrating these moves.
If these colossal transfers indeed signal a planned sell-off by a significant holder, the Solana rally might encounter resistance in the near future. As the cryptocurrency community eagerly monitors these whale movements, the trajectory of SOL’s price remains uncertain, creating an air of anticipation in the market.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.