Rally

Cardano

Solana

Bitcoin

<a href="https://bitcoinworld.co.in/solana-is-rising-but-watch-out-for-the-whales/" title="Solana Is Rising But Watch Out For The Whales" rel="nofollow"></a>
The price of Solana (SOL) has seen a rally of over 14% over the past day, but exchange deposits from the whales could be a worrying sign for these gains. 
<h3 id="span-style-font-weight-400-solana-observes-a-fresh-rally-during-the-past-day-span">Solana Observes A Fresh Rally During The Past Day</h3> 
While Bitcoin has gone stale in the last few days, some altcoins have taken the front seat as they have registered some sharp bullish momentum.&nbsp; 
Among these decoupled assets is also Solana, which has really blasted off in the past day. 
During the last 24 hours, SOL has observed a rally of more than 14%, reaching the $77.52 level for the first time since early May, as the chart below shows. 
<figure id="attachment_57266" aria-describedby="caption-attachment-57266" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-57266" src="https://bitcoinworld.co.in/wp-content/uploads/Solana-Price-Chart-3-483x300.png" alt="" width="581" height="361" srcset="https://bitcoinworld.co.in/wp-content/uploads/Solana-Price-Chart-3-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/Solana-Price-Chart-3.png 760w" sizes="(max-width: 581px) 100vw, 581px">
 <figcaption id="caption-attachment-57266" class="wp-caption-text">
 Solana Price Chart | Source: <a href="https://coinstats.app/coins/solana/">Coinstats</a>
 </figcaption>
</figure> 
&nbsp; 
SOL’s performance during the past day has been the second strongest among the top 30 cryptocurrencies by market cap, with only Cardano (ADA) coming up with better returns. 
The coin has also notably outperformed XRP (XRP), its next closest competitor in the market cap list, suggesting that if the cryptocurrency can continue its run, it can close the gap on it and possibly even surpass it to become the fifth largest asset in the sector. 
Generally, during rallies like these, some investors give in to the allure of profit-taking and sell their holdings. It would appear that some large entities may be doing just that if blockchain data is anything to go by. 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/sales-of-solana-saga-smartphone-fell-short-of-expectations/" aria-label="“Sales Of Solana Saga Smartphone Fell Short Of Expectations” (Edit)">Sales Of Solana Saga Smartphone Fell Short Of Expectations</a> 
<h3 id="span-style-font-weight-400-whales-have-made-exchange-inflows-of-300-000-sol-today-span">Whales Have Made Exchange Inflows Of 300,000 SOL Today</h3> 
According to <a href="https://twitter.com/whale_alert">data</a> from the cryptocurrency transaction tracker service Whale Alert, two large transactions have occurred on the Solana blockchain during the last 24 hours. 
The first of these transfers involved a movement of 150,000 SOL, worth just under $10.2 million, when the transaction went through on the network. Given the large scale of the move, it’s likely that a whale was behind it. 
Here are some more details regarding this Solana whale transfer: 
&nbsp; 
&nbsp; 
<figure id="attachment_57265" aria-describedby="caption-attachment-57265" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-57265" src="https://bitcoinworld.co.in/wp-content/uploads/Whale-1-578x300.webp" alt="" width="682" height="354" srcset="https://bitcoinworld.co.in/wp-content/uploads/Whale-1-578x300.webp 578w, https://bitcoinworld.co.in/wp-content/uploads/Whale-1-964x500.webp 964w, https://bitcoinworld.co.in/wp-content/uploads/Whale-1-768x399.webp 768w, https://bitcoinworld.co.in/wp-content/uploads/Whale-1.webp 979w" sizes="(max-width: 682px) 100vw, 682px">
 <figcaption id="caption-attachment-57265" class="wp-caption-text">
 Whale Transfer | Source: <a href="https://whale-alert.io/transaction/solana/Labz2CouraiYG6y3QaQpePkd8CFzMVYksYfmfuuuPRJPv26pphrQbu8ZRsaAybxgL4g8CcsgsAS6n8UjD1Kc9QR">Whale Alert</a>
 </figcaption>
</figure> 
&nbsp; 
The transaction appeared to go from an unknown wallet (likely the whale’s personal self-custodial address) to a wallet attached to the cryptocurrency exchange Binance. 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/robinhood-launches-a-commission-free-crypto-trading-app/" aria-label="“Robinhood Launches A Commission-free Crypto Trading App” (Edit)">Robinhood Launches A Commission-free Crypto Trading App</a> 
Investors transfer coins from their wallets to central platforms like these for various purposes, of which selling is a major one. Considering that the transfer has come during a rally, selling may have been the likely reason behind the deposit. 
Interestingly, the other whale transaction from today also involved almost the same number of tokens as this transaction, and the address details reveal that the same addresses were, in fact, also associated with this second transfer. 
<figure id="attachment_57264" aria-describedby="caption-attachment-57264" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class=" wp-image-57264" src="https://bitcoinworld.co.in/wp-content/uploads/whale-2-580x300.webp" alt="" width="655" height="339" srcset="https://bitcoinworld.co.in/wp-content/uploads/whale-2-580x300.webp 580w, https://bitcoinworld.co.in/wp-content/uploads/whale-2-966x500.webp 966w, https://bitcoinworld.co.in/wp-content/uploads/whale-2-768x397.webp 768w, https://bitcoinworld.co.in/wp-content/uploads/whale-2.webp 980w" sizes="(max-width: 655px) 100vw, 655px">
 <figcaption id="caption-attachment-57264" class="wp-caption-text">
 Second Whale Transfer | Source: <a href="https://whale-alert.io/transaction/solana/347jYxKgGycEdFXEGvwn4k478tgiuD1xPNsa72R1K5dWrJ6jWoyAk4sRdde2CoEDUucDkwoX3cMF1tkrE2W5Zg2k">Whale Alert</a>
 </figcaption>
</figure> 
&nbsp; 
It seems likely that the same whale was behind both of these moves about 13 hours apart. If this humongous holder indeed planned to sell with these deposits, then it’s possible that the SOL rally could encounter some resistance. 
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote> 
The post <a href="https://bitcoinworld.co.in/solana-is-rising-but-watch-out-for-the-whales/">Solana Is Rising But Watch Out For The Whales</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Solana Is Rising But Watch Out For The Whales

Table of Contents

ItsBitcoinWorld

Other articles published on Dec 9, 2023

South Africa’s Crypto Crackdown: Licenses, Local Presence & Compliance Made Mandatory

Understanding Stablecoins: Definition, Functionality, and Regulatory Landscape

Maximizing efficiency, examining benefits of crypto exchange aggregators

When Will MATIC Test Its $0.93 Resistance? Analyzing Market Signals

Crypto on High Alert: Delays for Bitcoin ETF? Expert Hints at January Roadblock

Is Egypt on the verge of a massive financial crisis?

Join our free newsletter for daily crypto updates!