Whale Unstaked 100K Solana Tokens – Is SOL’s Bull Run Coming to an End?

Why Trust Tech Report

Tech Report is one of the oldest hardware, news, and tech review sites on the internet. We write helpful technology guides, unbiased product reviews, and report on the latest tech and crypto news. We maintain editorial independence and consider content quality and factual accuracy to be non-negotiable.

A major Solana investor recently moved $30 million worth of SOL to Binance, indicating a potential price dip. 

This follows the whale’s previous actions, where significant Solana sales led to notable price declines. The timing of the sales, amidst a strong Solana rally, has raised concerns within the market. 

With the FTX estate also offloading Solana, the cryptocurrency may face increased selling pressure.

Whale Moves $30M in Solana to Binance

On Wednesday, a Solana whale (“AgsY…H9Hs”) unstaked and moved 100,000 SOL tokens, worth $14.9 million, to Binance.

A whale unstaked 200K $SOL($29.8M) and deposited it into #Binance via AgsY…H9Hs again over the past 3 days!

Previously, the whale sold 1.2M $SOL($178M) between June 7 and July 7, causing the price of $SOL to plummet from $170 to $128!https://t.co/uSsuXItkfI pic.twitter.com/RtJeSpIj3S

— Lookonchain (@lookonchain) September 26, 2024

This marked the second large transfer from the same whale this week, totaling 200,000 SOL valued at $30 million. These moves came right after Solana’s recent price jump, signaling the whale may be looking to cash in.

Only 217 SOL wallets this large are involved in Solana staking. These big players control roughly 13% of all staked SOL tokens. Their actions usually impact SOL’s price, so monitoring their movements might provide useful insights.

Solana’s Price Surge Prompts Major Investor Action

Solana (SOL) has recorded a remarkable price increase recently. On September 18, SOL was trading at $127.25.

But this week, SOL has jumped to $153.55, a significant 20% gain in seven days. Taking advantage of this bullish move, the whale unstacks large SOL tokens.

Interestingly, this isn’t the first time this particular whale is making such a move. Market observer, Lookonchain pointed out that this whale (“AgsY…H9Hs”) has done similar things before.

According to sources, their previous transactions contributed to a 24% SOL’s price crash. Between June and July, the investor dumped 1.2 million SOL tokens. Before this transaction, on June 7, the coin was hovering around $172. 

However, following the selling of 100,000 SOL, the price dropped to $123 the next day. 

More sales followed, pushing SOL down to $123 by June 24. SOL bounced back from the dip to $154, but the whale sold again. By July 7, after another sale, SOL fell to $128.

The whale sold 1.2 million SOL tokens worth $178 million over 30 days. Now, the same whale is trying to make a similar move. This could signal another price correction in the coming days.

Selling Pressure from FTX Bankruptcy

The selling of Solana SOL from the FTX bankruptcy estate is also adding to the potential downward pressure. Two weeks ago, the estate unstaked and moved $1 billion worth of Solana in preparation for selling more assets. 

With the estate still holding another $1 billion in Solana, the market may experience additional selling pressure soon.

However, despite this negative market sentiment, SOL is still holding up above $157, marking a 4.36% increase in the past day. In the last seven days, SOL has recorded a 9.53% increase.