Solana Whale Deposits $11M In SOL To Binance, Bearish Signal?
08 Novembro 2023 - 3:00PM
NEWSBTC
Data shows a Solana whale has deposited SOL worth $11 million to
Binance, which could be bearish for the asset’s price. Solana Has
Enjoyed Sharp Bullish Momentum During The Past Month Since the
start of Bitcoin’s rally towards the $35,000 level, the
cryptocurrency market as a whole has been having a good time. Among
the assets, Solana has particularly stood out, as its returns have
been one of the highest. During the last 30 days, SOL has observed
an exceptional rally of more than 84%, leading to its price
surpassing the $43 mark. The chart below shows how the asset’s
trajectory has looked like during this period. The value of the
coin seems to have been rapidly going up in recent weeks | Source:
SOLUSD on TradingView From the chart, it’s visible that Solana had
managed to rise as high as $47 at the start of the month, but the
coin registered a bit of a pullback soon after. The asset has since
recovered 9% from these local lows, although it’s yet to make a
full retrace. However, momentum appears to be building for the
coin, as it has grown by 3% during the past day. Related Reading:
Chainlink Has Massive Resistance Ahead, Will The Rally End Soon? In
this sharp rally during the past month, Solana also improved its
standing in the cryptocurrency sector, as it claimed the 7th
position on the market cap list. Looks like SOL has a market cap of
$24.4 billion at the moment | Source: CoinMarketCap Naturally, as
with any rally, profit-taking can be something to look out for, as
it can lead towards a local top formation. It would appear that a
whale may be attempting to do precisely that. SOL Whale Has
Deposited A Large Amount To Binance Today 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. This transfer saw 249,999 SOL move across the network,
worth approximately $10.8 million when the transaction was
executed. Given the large amount involved, it’s likely that a whale
entity was behind it. Generally, transactions can be something to
watch, as they can sometimes have noticeable effects on the market,
how the price would be affected by the move of a whale naturally
depends on what they intended to do with it. Related Reading:
Dogecoin In Tight Zone: Why A Rally Will Happen If DOGE Clears
$0.076 In the current case, the transfer moved from an unknown
wallet (likely the whale’s address) to a wallet attached to a
central platform: the Binance exchange. One of the main reasons an
investor might transfer their coins from their self-custodial
wallet to one of these central entities is for selling purposes, so
it’s possible that the whale wanted to sell here and harvest the
profits they would have amassed in the latest rally. The
cryptocurrency price could end up feeling some resistance shortly
if selling was indeed the goal in the mind of this whale. Featured
image Shutterstock.com, chart from TradingView.com
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