More than $180 million worth of Solana (SOL) has been sent to the cryptocurrency exchange Coinbase, according to Whale Alert’s reports of four large transfers. This shift shows that SOL whales are moving the market a lot.
The first transaction was the sending of 322,817 SOL, which are worth about $45.5 million, from an unknown address to Coinbase. Soon after, another move of 318,664 SOL, equal to $44.9 million, was sent from an unknown wallet to the same exchange.
Solana Transactions Amid Market Downturn
Additionally, 317,314 SOL, which are worth about $44.7 million, and 322,817 SOL, which are worth about $45.5 million, were sent to Coinbase from funds that were not known. The crypto market as a whole is going through a significant downturn at the same time as these trades.
The value of all cryptocurrencies on the market has dropped by 5.07% today, and it is now worth $2.13 trillion. Bitcoin (BTC) has been the main driver of this crypto bloodbath. The drop in Bitcoin prices was caused by many things, which in turn had an effect on the whole crypto business.
These changes in the market have affected the price of SOL. Right now, SOL is worth $135.01, which is a big drop of 7.8% in yesterday. The quick move of SOL to Coinbase has made people even less optimistic about the coin.
The crypto market has been more volatile lately, and there are no signs that it will get better soon. The major transfers of SOL to Coinbase have made the Solana group even less sure of what will happen. These kinds of transfers are very important because whale behavior can have huge effects on the market because of the remarkale amounts involved.
The Solana transfers of today show how whale behavior affects the market. The shift of more than $180 million in Solana is significant deal. The next few days will be very important for figuring out what the SOL price and the crypto market as a whole will do in the near future.
