Solana

Bitcoin

Show

Million

<p>The large withdrawal of over 400,000 SOL tokens worth $28 million from Binance by a whale about a month ago, followed by the recent deposit back into Binance of 300,000 SOL worth $32 million, signals that this whale may be taking profits on their SOL holdings reports LookOnChain.</p>
<p>The whale likely purchased the SOL for around $66 back in November when prices were lower. By withdrawing now and depositing at the current price of around $100, this whale may have netted a 50% profit of around $17 million as LookOnChain estimates.</p>
<p>In addition, this whale has another 120,000 SOL worth over $12 million still earning staking rewards, so they have a sizable ongoing exposure to SOL. The new deposit back to Binance means they likely sold at least a portion of their recent withdrawal for a tidy profit.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="859" src="https://captainaltcoin.com/wp-content/uploads/2023/12/image-771-1024x859.png" alt="" class="wp-image-408716" srcset="https://captainaltcoin.com/wp-content/uploads/2023/12/image-771-1024x859.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-771-300x252.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-771-767x644.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-771-1536x1289.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-771-2048x1719.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-771-179x150.png 179w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-771-100x84.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-771-417x350.png 417w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-771-788x661.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-771.png 1480w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>Big whale deposit activity like this on exchanges is often interpreted as a potential sign of an impending sell-off. If this whale begins dumping their entire SOL holdings, it can put significant downward pressure on the SOL price.</p>
<p>This seems to be playing out already, with SOL down 10% today to under $100. The token did hit new all-time highs recently over $120, so some profit-taking after a strong run up is expected. However, if other major holders join this whale in taking profits, SOL could have further to fall.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="803" src="https://captainaltcoin.com/wp-content/uploads/2023/12/image-772-1024x803.png" alt="" class="wp-image-408724" srcset="https://captainaltcoin.com/wp-content/uploads/2023/12/image-772-1024x803.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-772-300x235.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-772-768x602.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-772-1536x1204.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-772-2048x1606.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-772-191x150.png 191w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-772-100x78.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-772-446x350.png 446w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-772-788x617.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-772.png 1500w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>The whale likely still believes in the long-term value of the Solana blockchain, as they are still staking a significant amount of SOL. But in the short-term, this activity suggests they are taking advantage of SOL’s price volatility to lock in profits when prices spike upwards. This can signal caution is warranted at current prices despite Solana’s strong growth.</p>
<p>You may also be interested in:</p>
<ul>
 <li><a href="https://captainaltcoin.com/analyst-links-ripples-current-consolidation-to-2017-bull-run-setup-is-a-600x-xrp-surge-inevitable/" target="_blank" rel="noopener noreferrer nofollow">Analyst Links Ripple’s Current Consolidation to 2017 Bull Run Setup: Is a 600x XRP Surge Inevitable?</a></li>
 <li><a href="https://captainaltcoin.com/vcs-bet-over-360-million-on-top-projects-in-q4-as-crypto-investments-show-signs-of-recovery/" target="_blank" rel="noopener noreferrer nofollow">VCs Bet Over $360 Million on Top Projects in Q4 as Crypto Investments Show Signs of Recovery</a></li>
 <li><a href="https://captainaltcoin.com/here-are-potentially-the-two-biggest-gainers-of-2024-meme-kombat-mk-and-bitcoin-minetrix-btcmtx/" target="_blank" rel="noopener noreferrer nofollow">Here Are Potentially The Two Biggest Gainers of 2024 – Meme Kombat (MK) and Bitcoin Minetrix (BTCMTX)</a></li>
</ul>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>74% of retail CFD accounts lose money.</strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy thetrades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/what-does-a-32m-solana-whale-deposit-mean-for-the-sol-price/" rel="noopener noreferrer nofollow">What Does a $32M Solana Whale Deposit Mean for the SOL Price?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

What Does a $32M Solana Whale Deposit Mean for the SOL Price?

Table of Contents

CaptainAltcoin

Other articles published on Dec 28, 2023

Cosmos Ecosystem: A New Era of Airdrops in 2024

PancakeSwap initiates voting to reduce token supply, CAKE reacts with 6% surge

Market trends: XRP falls, NuggetRush’s presale ignites demand

Pokémon Concierge Arrives on Netflix Today

After the news of DWF Labs, $LEVER token gained a 9.4% profit ⚡️

QuarkChain Joins Ethereum Layer 2 Ahead Of Cancun Upgrade, Enhances Speed With zk Fraud Proof And...

Join our free newsletter for daily crypto updates!