$52,800,348 in Solana Stun Coinbase in Minutes, Incoming Sell-off?
The post $52,800,348 in Solana Stun Coinbase in Minutes, Incoming Sell-off? appeared on BitcoinEthereumNews.com.
An anonymous Solana (SOL) whale has transferred a staggering 299,999 SOL in a single transaction to the Coinbase exchange. The move has sparked interest in the ecosystem as market participants watch out for a possible sell-off. Solana sees pullback amid rising volume According to an update by Whale Alert, an on-chain platform that tracks large crypto transactions, the transfer is valued at approximately $52.8 million. A critical detail is that it came from an unknown wallet to the Coinbase exchange. You Might Also Like This development suggests a potential sale, as the holder may be preparing for profit-taking. This assumption seems plausible given the significant gains that Solana has recorded over the last 48 hours. However, this move could lead to price volatility, as a major sell-off could put downward pressure on the Solana price. According to CoinMarketCap data, Solana is experiencing some volatility. Earlier, Solana climbed from a low of $166.02 to a peak at $178.07. However, SOL is registering a slight pullback. As of press time, Solana is trading at $176.74, representing a 12.25% increase over the last 24 hours. Investors remain active, nonetheless, as trading volume has increased by a significant 47.58% to $9.47 billion. This suggests that if the ecosystem does not react with fear, it might ride any incoming sell-off. Past whale moves and Ethereum correlation add intrigue As U.Today reported, a similar transaction on July 7 triggered concerns in the crypto ecosystem as the price slipped into the red zone. You Might Also Like On that occasion, an unknown whale also transferred large volumes of SOL to the Coinbase exchange. The 586,233 Solana dumped were valued at $88.99 million, which is much higher than the current transaction. Investors will be counting on SOL to maintain stability, as momentum indicates the coin could reach higher price levels. The…
