Major Solana Whale Quietly Offloaded Over $99 Million of SOL So Far This Year

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This is a fun and whimsical way to present the concept of cryptocurrency. It implies that the market can be volatile, unstable, and prone to collapse. The whale/institution has sold 695K $SOL($99.5M) this year! The price of Bitcoin has plunged below $58,000 mark. It hints at the smart contract platform’s up more than 27% so far this year and more than 560% over the last 12-month period after it saw a significant bull run while recovering from the collapse of FTX, which was a major supporter of the Solana ecosystem.

In the midst of the unpredictable fluctuations in the larger cryptocurrency market, Solana ($SOL) has been hit by an extra obstacle: a continuous selling spree by a large whale or institutional investor who has already disposed of approximately $99 million worth of Solana on the market.

As a researcher delving into the world of digital currencies, I’ve noticed an intriguing trend based on my analysis using the service Lookonchain. It appears that a significant institutional investor has been gradually unloading their Solana (SOL) holdings throughout the year. This action seems to be increasing selling pressure on the cryptocurrency.

The data provided indicates that the whale has offloaded approximately 695,000 Solana (SOL) tokens in total this year. Furthermore, it has been selling an average of roughly 19,306 SOL tokens, which equates to around $2.75 million, on a weekly basis since the beginning of the year.

As a crypto investor, I’m keeping a close eye on the significant amount of Solana (SOL) tokens I hold – a staggering 1.88 million, valued at approximately $250 million. At the moment, these tokens are generating returns for me through network yield, while also being staked.

As an analyst, I’ve observed that a significant player in the market has been gradually offloading Solana (SOL) tokens this year. Specifically, they’ve sold approximately 695,000 SOL, which translates to around $99.5 million.— Lookonchain (@lookonchain) September 3, 2024

At the moment, Solana’s price stands at approximately $129, having experienced a drop of nearly 9% in value during the last month. This decline comes amidst a broader cryptocurrency market slump, during which Bitcoin‘s price dipped below $58,000.

Despite experiencing a setback due to the demise of FTX, a significant backer of the Solana ecosystem, the smart contract platform has managed a remarkable comeback this year, registering an increase of over 27%. Over the last 12 months, its growth has been even more impressive, surging by more than 560%.

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2024-09-04 05:56