An extensive deposit made to Binance by a Solana whale in recent times is hinting at a potential bearish trajectory for the cryptocurrency.
Significant Transaction on the Solana Network
Data from the cryptocurrency tracking service Whale Alert reveals a substantial movement on the Solana blockchain within the past 24 hours.
The transaction involved transferring 184,241 SOL tokens, valued at more than $26 million at the time of the transfer.
Such large transactions are usually associated with whales, massive entities known for their market influence due to their capacity to handle vast amounts.
While these movements may not directly impact the cryptocurrency’s price, they do offer insights into the sentiment of these major investors.
Analyzing the address details of the whale’s recent Solana transfer can provide clues about their intentions.
This transaction moved from an unknown wallet to an address linked to the Binance exchange. Unknown wallets are typically personal wallets not tied to any centralized platform.
It appears the whale shifted coins from their personal wallet to Binance in this exchange inflow transaction, potentially signaling a bearish trend for SOL’s price.
If the whale plans to sell the coins, this significant exchange inflow could have a noticeable impact on the Solana price.
The outcome of this transaction on the cryptocurrency’s price remains to be observed.
Solana Price Performance
Within the last 24 hours, the cryptocurrency market experienced a decline, with Solana also being affected. The chart below illustrates the recent performance of the coin.
Solana saw a surge yesterday, hitting $152, but this momentum was short-lived, leading to a 5% correction back to around $145.
On a weekly basis, SOL has a negative return of 8%, positioning it as the worst performer among the top 20 cryptocurrencies by market cap. Only Polkadot (DOT) and XRP (XRP) have also shown negative returns during this period.
