A Solana whale (SOL) Solana has been selling a large amount of its holdings for some time, a move that could significantly impact the price of Solana and Expected move to $1000Solana’s fundamentals remain strong amidst this sell-off, suggesting that SOL is still capable of enjoying a significant bullish run.
Solana Whale has sold $86 million worth of SOL this year
the Lookonchain On-Chain Analytics Platform A post on X (formerly Twitter) revealed a Solana whale who sold 594,000 SOL ($86 million) this year. Since January 15, the whale is said to have deposited his Solana holdings into Coinbase, Binance, and OKX, at a rate of one sale per week. last sale This came on August 12, when it was sold for 5,000 soles ($720,000).
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Data on Chain It also shows that this whale only has about 0.1 SOL left in his wallet address, which means that the selling pressure from this particular investor has ended. However, Solana meme Pump.fun coin launcher It’s another whale that might worry the Solana community.
Lookonchain revealed elsewhere X Post Pump.fun’s fee account has sold 222,073 SOL for 35.54 million USDC at an average price of $160 in the past three months. Pump.fun still holds a large amount of SOL which could put massive selling pressure on the token’s price, as On-chain data The fee account still appears to contain 274,583 sols ($39.7 million).
There is no doubt that Solana whales selling their tokens is a concern, especially considering how this selling pressure could hinder Solana’s expected rise to $1,000. Cryptocurrency analysts like Ali Martinez have pointed out that expected That SOL will reach $1000 in this rally. The analyst went as far as drawing similarities Between Solana’s current price action and the bull run in 2021 to prove that the token can reach such ambitious heights.
Cryptocurrency Analyst Crypto Kalio He also claimed that $1,000 is a reasonable target for Solana if the token is able to replicate similar growth that Ethereum enjoyed in the last cycle when it reached its all-time high (ATH) of $4,800.
Solana’s strong fundamentals still point to a major price rally
Powerful Solana Basics SOL could still see a significant rise before the cryptocurrency reaches this high, though it remains to be seen if it can reach $1,000. One of these fundamentals is the potential launch of Spot Solana ETF In the United States. Approval of such a fund would lead to an influx of new money into the Solana system.
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Meanwhile, Solana continues to compete with Ethereum in terms of Decentralized Exchange (DEX) Volume. Data DeFiLlama data shows that $10.126 billion was traded on Ethereum DEXs over the past seven days, while $8.667 billion was traded on Solana Dix During this period.
Featured image created using Dall.E, chart from Tradingview.com