The Solana landfill appears far from over whales keep unloading their SOL holdings during this down market trend. The recent turmoil in the crypto world might also have contributed to these whales’ bearish sentiment Solana.
Crypto Whale offloads Solana worth $16 million
In an X (formerly Twitter) afterthe on-chain analytics platform Lookonchain drew the crypto community’s attention to a whale that has sold 114,300 SOL ($16 million) on Binance and OKX since August 4. The most recent sale of this whale took place on August 20, when they sold 10,000 SOL ($1.41 million).
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NewsBTC previously reported about a crypto whale that sold Solana for $86 million this year. This particular whale is also back in action, as on-chain facts shows that they recently sold 20,000 SOL ($2.9 million). That brings total Solana sales of this whale since January 15 to 614,000 SOL ($89 million).
While the reason for these recent selloffs remains unknown, they may be related to bearish sentiment in the Solana ecosystem. With the once vibrant meme coin ecosystem under threat from other networks like Tron and Binance Smart Chain (BSC), Solana’s decentralized trading volume (DEX). decreases, a measure that could ultimately influence the price.
Facts from DeFiLlama shows that Solana’s DEX volume is down more than 20% over the past seven days. Meanwhile, Tron and BSC trading volumes have increased by over 436% and 15% respectively. This development is already weighing on Solana, as SOL’s price has remained tepid. Facts from CoinMarketCap shows that Solana is one of the few cryptos in the top 20 cryptos by market cap that has not posted any gains in the past seven days.
Another reason for the recent bearish outlook for Solana is reports that the U.S Securities and Exchange Commission (SEC) had rejected the Chicago Board Options Exchange (CBOE). 19b-4 filings for the Spot Solana ETFs. The Commission is still said to be adamant that Solana is a certainty.
Some whales are not deterred
Despite the bearish prospects for Solanasome crypto whales remain undaunted and have seen this as an opportunity collect more SOL. Two whales in particular recently invested millions of dollars in the crypto token: the first whale (9tuA8L) withdrew 30,000 SOL ($4.25 million from Binance and staked these tokens on August 21.
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Meanwhile, also the second whale (7CsCGy). withdrew 26,245 $SOL ($3.72 million) from Binance and staked these tokens on August 21. This move could undoubtedly be profitable, especially if Solana’s fundamentals rebound. Crypto analysts like Ali Martinez had done that previously predicted that SOL could reach $1,000 in this bull run.
At the time of writing, Solana is trading around $142, down in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com