Solana Bearish Signal: $22 Million In SOL Enters Coinbase
15 Abril 2023 - 10:18AM
NEWSBTC
Data shows around $22.1 million in SOL has been deposited into the
Coinbase exchange, a sign that may be bearish for the value of
Solana. Solana Whale Transfers $22.1 Million In SOL To Coinbase
According to data from the cryptocurrency transaction tracker
service Whale Alert, a large transaction has been spotted on the
Solana blockchain during the past day. The transfer in question saw
the movement of about 900,000 SOL on the network, worth about $22.1
million at the time the transaction went through. As the amount
involved here is quite large, it’s likely that a whale entity was
behind this transfer. Movements of the whales can sometimes have
noticeable impacts on the market due to the sheer scale of the
coins involved in them, so they can be something to watch out for.
As for exactly how a whale transfer would influence the price of
the cryptocurrency, though, it depends on what the sender of the
transaction intended to do with it. Related Reading: Ark Invest
Analyst Believes Bitcoin Could Reach $1 Million, But How? Here are
some additional details of the latest Solana whale transfer that
may shed some light on the purpose behind it: Looks like this
massive transfer only needed a fee of 0.000019 SOL to be possible |
Source: Whale Alert As you can see above, the sending address in
the case of this Solana transaction was an unknown wallet, meaning
that it was an address unaffiliated with any known centralized
platform (like an exchange). Such unknown wallets are generally
investors’ personal wallets. The receiving address, on the other
hand, was one attached to the cryptocurrency exchange Coinbase.
Transfers like these where coins move from personal wallets to
exchange wallets are called exchange inflows. Since one of the main
reasons why investors may deposit their assets to these platforms
is for selling-related purposes, exchange inflows can have bearish
consequences for the price. In the present case, as the transaction
is coming from a whale and involves a significant movement of
tokens to an exchange, the price may face some visible decline in
the near term. The cryptocurrency’s price has in fact already gone
down a bit since the transaction has taken place, but it’s
currently unclear whether the drawdown has come as a result of this
transfer or not. Related Reading: The Rise Of Bitcoin Continues:
Trader Predicts $60k-$70k Range After Consolidation Sometimes,
investors deposit their coins to exchanges only so that they can be
prepared in advance if an ideal future exit opportunity comes up
and thus, don’t immediately pull the trigger on selling them right
after the transaction goes through. In such cases, the bearish
effect, if any, naturally comes after a delay. It’s also yet
uncertain whether the whale truly intended to sell with this
transfer, or if it was made for some other purpose entirely. In the
latter scenario, the price would feel a neutral effect from this
move. SOL Price At the time of writing, Solana is trading around
$24.4, up 19% in the last week. SOL seems to have slid down during
the past day | Source: SOLUSD on TradingView Featured image from
GuerrillaBuzz on Unsplash.com, chart from TradingView.com
Solana (COIN:SOLUSD)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Solana (COIN:SOLUSD)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024