Quick Takeaways
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A Solana whale unstaked 100,000 SOL (approx. $13.9 million) after four years, still holding 1.19 million SOL valued at $166.37 million, indicating a potential strategic rebalancing rather than a full exit.
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Market reactions vary, with some speculating a SOL-to-ETH rotation following significant ETH movements by Galaxy Digital, while others are opting to stake newly acquired SOL.
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Currently trading at $140.29, Solana shows signs of consolidation with a modest 0.8% daily gain, outpacing the broader crypto market’s 5% increase over the week.
- Technical analysis reveals a bullish falling wedge and cup-and-handle pattern, with critical support identified around the $129-$130 price level amid recent market volatility.
Crypto Whale Nets $153M Profit After Unstaking 100K SOL
A mysterious Solana (SOL) whale recently made headlines by unstaking 100,000 SOL, worth approximately $13.9 million, and transferring the funds to Binance. According to the blockchain analytics platform Lookonchain, this investor acquired a staggering 991,079 SOL at an average price of $27 over four years.
With Solana trading at around $140, the whale’s realized and unrealized gains have now surpassed $153 million. Interestingly, the investor still retains 1.19 million SOL, valued at about $166.37 million, indicating a strategic decision rather than a complete withdrawal from the market.
Reactions on social media platform X varied widely. One prominent user suggested that this transaction might signal a rotation from SOL to Ethereum (ETH), drawing parallels to Galaxy Digital’s recent actions. The firm deposited $105 million worth of ETH into Binance while withdrawing nearly $100 million in SOL.
In contrast to this selling behavior, another wallet recently withdrew 44,116 SOL from Binance, valued at approximately $6.15 million, and promptly staked the assets. This suggests that while some investors are cashing out, others remain committed to Solana.
On the price front, Solana showed a mix of strength and volatility. At the time of reporting, SOL traded at $140.29, reflecting a modest daily gain of 0.8%. Despite this increase, the token has remained within a tight range of $134.72 and $140.35, primarily consolidating rather than breaking out. Over the past week, SOL has surged by 6%, outperforming the broader crypto market’s 5% increase.
For the last 14 days, Solana has experienced a dramatic rise of nearly 29%. However, its monthly gain sits at a modest 5.9%, hinting at recent fluctuations following a significant rally. Earlier in the month, the cryptocurrency soared 38% in just ten days, showcasing technical strength through bullish patterns on the daily chart.
As market dynamics shift, Solana’s continued evolution captures the attention of investors. Each whale move ignites discussions about the future potential of cryptocurrencies like SOL, positioning them as unique assets capable of solving real-world financial challenges.
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