Solana Whales Make Bold Moves $8 Million from Binance as Accumulation Rises
- Over 134,482 Solana (SOL) ($8M) moved from Binance to staking, reducing selling pressure and indicating long-term bullish sentiment.
- Despite a 45% decline in SOLs price over the past month, whales continue accumulating, suggesting a focus beyond short-term volatility.
- A separate 20,000 SOL ($4.3M) withdrawal hints at fund management strategies rather than immediate liquidation, reinforcing market optimism.
Solana (SOL) whales are taking big actions, directly withdrawing large quantities of SOL from the exchanges, mainly Binance. Recently, a total of about 47,154 SOL worth about $8 million was transferred to Binance. These actions usually indicate a change of opinion among the investors and might have a prolonged effect on Solanas market trend.
This is a continuation of a trend also experienced in the last three days, with the same entity sending 134,482 SOL out of Binance to the staking pool. Staking removes the token from the active supply, lowering the supply that can trade now. In the past, big-scale staking activity was connected with increased price stability or price increases, meaning that big-time investors are betting on the long term.
By moving their holdings from exchanges to staking, whales reduce the selling pressure on Solana, which could help stabilize the assets price. This trend reflects a bullish sentiment among institutional and high-net-worth investors despite SOLs recent struggles in the market.
While the whales movement reflects trust in Solanas value in the long run, the asset itself has experienced considerable price pressure. SOL dropped by about 45% in the last month, going below major support levels. The decline is a worry to traders, although accumulation by the whales reflects that the smart money is focusing on the bigger picture.
Whale Withdraws $4.3M in SOL from Binance
Notably, another substantial withdrawal saw 87,328 SOL (valued at $14.8 million) moved from Binance to a newly created wallet. While this transaction was initially linked to participation in a new project presale, 16,000 SOL was later returned to the wallet, indicating strategic fund management rather than outright liquidation.
Solanas price action remains at a critical turning point. If this wave of staking and accumulation continues, SOL could see reduced volatility and stronger price support in the coming weeks. Historically, when whales commit to long-term holding strategies, assets tend to experience a reduction in sell pressure and a potential reversal of bearish trends.
However, broader market conditions remain uncertain, meaning traders should closely monitor Solanas movement around key resistance levels. While whale activity signals optimism, the overall market sentiment will ultimately determine whether SOL can regain its bullish momentum.
At the time of writing, Solanas price is $173.26, with a 24-hour trading volume of $14.38B the market cap of $84.29B. The SOL price increased 0.90% in the last 24 hours.
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Read more: https://www.tronweekly.com/solana-whales-make-bold-moves-8-million/
Text source: TronWeekly
