Solana Whales Move Over $40M to Exchanges
Solana whales transferred over $40M in SOL to major exchanges, sparking speculation about selling pressure.
- Over $40M in SOL moved to exchanges in 9 hours
- Transactions linked to Binance and Kraken deposits
- Market eyes possible short-term selling pressure
Whales Shift Massive SOL Holdings
In the past nine hours, Solana whales have made large deposits to major crypto exchanges, raising concerns about potential sell-offs. Blockchain data shows three significant addresses moved a combined 226,544 SOL, worth over $40 million at current market prices.
One whale address, CMJiHu, transferred 96,996 SOL (valued at $17.45 million) to exchanges about nine hours ago. Another, 5PjMxa, moved 91,890 SOL (worth $15.98 million) to Kraken just three hours ago.
Binance and Kraken See Big Inflows
The largest centralized exchanges, Binance and Kraken, received a substantial share of these deposits. Notably, the wallet HiN7sS sent 37,658 SOL ($6.73 million) to Binance, reportedly securing a profit of $1.63 million.
Large transfers like these often signal that whales may be preparing to sell, especially when sent to exchange wallets instead of self-custody addresses. While it’s not always a direct sell signal, the timing and size of these moves have caught traders’ attention.
Impact on SOL Price Outlook
Solana has been trading strongly in recent weeks, but this level of whale activity could introduce short-term volatility. If a significant portion of these holdings are sold, it might create downward price pressure. On the other hand, traders will also watch to see if the deposits are part of a broader liquidity strategy or over-the-counter deals that won’t directly impact the open market.
For now, eyes remain on exchange order books and blockchain trackers to see if these transfers result in actual selling.
Read Also:
- Metaplanet Boosts Bitcoin Holdings to $2.1B
- Ethereum’s 3-Step Rally Pattern Signals a Countdown
- US Spot ETH ETFs See $1B Daily Inflows
- Monthly MACD Bullish Cross Signals Altcoin Surge
- Regret Missing Fartcoin? Now It’s High Time To Invest In Arctic Pablo Coin — One Of The Top Meme Coins To Join For Long Term
