The Solana (SOL) cryptocurrency has gone against market trends, rising almost 5% even though a shocking series of whale transfers worth a total of $380 million were made to the Coinbase exchange today.
This sudden rise has experts and investors guessing what is causing Solana to gain such impressive speed and what the future holds for the well-known altcoin.
Whale Alert, the best way to keep an eye on big cryptocurrency deals, sounded the alarm today with four major transfers of Solana (SOL) coins. The moves, worth a staggering 2.45 million SOL, sent shockwaves through the cryptocurrency world and led to a lot of speculation about what they might mean for the price of Solana.
Solana’s Whales Propel Coinbase Influx
The most significant move, which was made by an anonymous whale with the wallet address “7Fo18…sbQGo,” sent an remarkable 1.56 million SOL tokens, which are worth about $242.26 million, to Coinbase. In an interesting twist, this whale quietly gathered this huge amount of SOL on Coinbase between April and May 2023, buying SOL tokens at a price of 22 USDT each.
Other whales joined the feeding rush so they wouldn’t be left out. Someone who went by the code name “6EW44…EU1WC” sent an enormous amount of cryptocurrency to Coinbase: 298,000 SOL tokens worth about $46.24 million. Also, two more mysterious entities, “BA4c1…QogKQ” and “Cb2Jq…8x3qQ,” sent 297,000 SOL ($46.18 million) and 298,000 SOL ($46.34 million) to the same cryptocurrency exchange.
There are a lot of theories about why these huge deals are happening, but no one knows for sure. Some people who follow the industry think that these actions could be signs of smart investors taking profits, which they usually do when the market is going up. Some people are thinking that big institutions might be planning moves to take advantage of Solana’s recent price changes.
People are talking about how much Solana has been coming into Coinbase, which has made people pay close attention to the market’s heart. As Solana grows into a top blockchain platform known for its lightning-fast throughput, any major shift in SOL shares will undoubtedly send shockwaves through the cryptocurrency world.
Even with all the rumors and crazy market action, SOL is not bothered. At the time of writing, the price of SOL had gone up by 4.55% and was selling at a strong $155.30. The coin’s trade volume also went through the roof, rising by an impressive 79.72% to $3.14 billion. This shows that people are very excited about the coin’s future.
Also, CoinGlass data shows that prices are going up. For example, SOL Futures Open Interest has gone up by 1.66% from yesterday to a huge $1.98 billion. This upward trend shows how optimistic the crypto market as a whole is, helped by Solana’s steady rise despite facing very tough problems.
