Solana Whale Dumps Massive 695K SOL, Retains $255M Stake
A major Solana (SOL) whale has been making waves throughout 2024. This whale, possibly an institutional player, has been consistently selling off its holdings, according to Lookonchain. Since the start of the year, the whale offloaded 695,000 SOL, translating to a staggering $99.5 million. On average, this breaks down to 19,306 SOL, or $2.76 million, sold every week.
Despite these substantial sales, the whale still holds a significant amount of Solana. Currently, they possess 1.88 million SOL, worth about $255.89 million. Importantly, these holdings are staked, suggesting a strategic approach rather than a complete exit from the asset.
Recent transactions by this whale include several notable withdrawals, such as 7,500 SOL, 12,500 SOL, and multiple transfers of 10,000 SOL. These movements indicate a disciplined strategy in managing their SOL portfolio. Additionally, the whale has been actively withdrawing staking rewards. Actions like WITHDRAW STAKE show amounts as high as 20,000 SOL being pulled out in separate instances.
This methodical withdrawal and staking approach hints at a strategy beyond mere liquidation. The whale seems to be balancing profit-taking with the maintenance of a substantial stake in the Solana ecosystem.
The crypto community is rife with speculation about the whales motives. Some are concerned that these large-scale sell-offs could exert bearish pressure on Solanas market price. One observer speculated that the whale might be taking profits to recycle back, hinting at a possible strategy where the whale sells high and reinvests later.
Another voice in the community expressed broader market concerns. While acknowledging that the whale still holds a significant stake in Solana, the commenter worried that continued sales could lead to a market downturn.
Recent Solana Market Performance
Solanas market performance has been less than stellar in recent months. According to The Crypto Basic, Solanas value has dropped by 25.91% compared to XRP over the past four months. This decline is reflected in monthly candlestick patterns and the Relative Strength Index (RSI), which hovers around the 60-70 rangea signal of potential bearish divergence.
Analysts, including Alan Santana, have revised their forecasts for Solana. They now predict a possible decline to $55, with key Fibonacci retracement levels at $137.03 and $58.82 serving as critical support zones. These metrics suggest that the market is closely watching for signs of either a rebound or further decline.
In summary, while this Solana whales actions are causing a stir, their strategy seems deliberate. The ongoing speculation and market analysis will likely continue as the crypto community watches closely for the next move.
Read more: https://www.tronweekly.com/solana-whale-dumps-massive-695k-retains-255m/
Text source: TronWeekly
