Solana (SOL) price is currently up 4% after jumping from $142 to $148 over the past 24 hours. Interestingly, Solana It has gained 23% from $119.56 since May 1 and can continue to sustain this price increase steadily for the rest of the month. On-chain data behind the scenes has revealed that some whales are accumulating and transferring SOL tokens, reflecting some of the bullish intuition surrounding the cryptocurrency.
In particular, on-chain data from whale transaction tracking firm Whale Alert revealed the movement of 267,077 SOL worth $38.6 million from cryptocurrency exchange Binance to an unknown wallet in the past 24 hours. Another notable transfer was the movement of 11 million SOL worth $1.6 billion from one private wallet address to another private wallet address.
🚨 🚨267,077 #Sol ($38,637,899 USD) transferred from #Binance To an anonymous wallethttps://t.co/ggx8BMqNhj
– Whale Alert (@whale_alert) May 4, 2024
Solana whale movement
Whale transfers are very common in the cryptocurrency industry. They are of different types and generally tend to change sentiments among cryptocurrency traders. Whale transfers from exchanges to private addresses could indicate that whales are holding on to their assets in anticipation of rising prices.
On the other hand, transfers from private wallets to cryptocurrency exchanges likely mean selling, which could increase selling pressure on these exchanges. The third type of whale transfer is between two private wallets, and this can be for a different number of reasons.
The recent transfer of 11 million soles falls into the third category of whale movement. Another look at the cross-chain transaction data shows that the transfer occurred between two stake addresses.
Solana is currently trading at $145.94. Chart: TradingView
Accordingly, the Codes are unlocked It is not active at the moment. As of now, their move is likely to have little to no impact on Solana's price.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 11,000,000 #Sol An amount ($1,624,618,110) was transferred from an unknown wallet to a new unknown wallethttps://t.co/pEVupwwe5w
– Whale Alert (@whale_alert) May 4, 2024
Pisces accumulates solana
On the other hand, the private wallet “8NWAHM” It has accumulated SOL in the last 24 hours. While Whale Alert only noted an interesting transfer of 267,077 SOL worth $38.6 million USD to the address, a closer look at this wallet address shows that this is the second major inflow to the address in the past 24 hours.
In a previous transaction, 49,999 SOL worth $7.23 million made its way from cryptocurrency exchange Binance to the wallet address.
This whale appears to be positioning itself for higher prices in the coming weeks, and the buildup has in turn contributed to buying pressure on SOL.
At the time of writing, Solana is trading Priced at $145. Despite the 24-hour price gains, Solana is still seeing a 20% correction on the 30-day time frame. However, cryptocurrency can Continue this rise in prices It finally crossed $200 again in May.
Featured image from Pixabay, chart from TradingView
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