Solana Whales Move $49.17 Million of SOL in Apparent Sale
Summary
- Lookonchain said a total of 482,228 SOL worth about $49.17 million was moved from three wallets held by large Solana (SOL) holders.
- Of that amount, 171,430 SOL worth about $17.3 million had already been deposited to cryptocurrency exchanges, accounting for about 35.6% of the total moved.
- It said the remaining 310,798 SOL has not yet been confirmed as deposited to exchanges, meaning the amount that could be supplied to the market will depend on whether further transfers take place.
Forecast Trend Report by Period
Large Solana holders appear to have moved tokens worth about $49.17 million in preparation for a sale.
According to on-chain analytics firm Lookonchain on October 26, three wallets believed to be tied to the same whale investor moved a combined 482,228 SOL over the past three days. The tokens were worth about $49.17 million.
Lookonchain said the wallets appear to have moved the Solana for selling purposes. It has not confirmed whether all three wallets are controlled by the same owner.
Of the total, 171,430 SOL had already been deposited to cryptocurrency exchanges. That amounts to about $17.3 million, or 35.6% of the tokens moved.
The remaining 310,798 SOL has not yet been confirmed as deposited to exchanges. How much of that supply ultimately reaches the market will depend on whether additional transfers follow.
Large crypto deposits to exchanges are generally seen as a potential sell signal. Still, a transfer to an exchange does not necessarily mean a sale has been executed, and the final disposition of the tokens requires further confirmation.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.