Lookonchain data shows that a major investor has actively sold their Solana (SOL) holdings in 2024, offloading 695,000 SOL worth $99.5 million.
Massive SOL Sale
Since the beginning of the year, this whale or institution has been selling an average of 19,306 SOL every week, totaling $2.76 million. Despite these massive transactions, the investor still holds a sizable 1.88 million SOL, valued at about $255.89 million, which is staked in the network.
Solana Network Development
While massive SOL sales are occurring, Solana continues to make significant strides in its network development. One notable advancement is the addition of token extensions, which increase the flexibility and utility in creating and maintaining tokens on the Solana network. These extensions include functions such as confidential transfers, transfer hooks, and metadata pointers. Additionally, the Firedancer project by Jump Crypto, an independent validator client, is a crucial part of Solana's 2024 roadmap. Tests have shown that it can handle more than 1 million transactions per second (TPS) on standard commodity hardware, marking a vital step towards enhancing the network's resilience and scalability.
Market and Current SOL Status
According to CNF reports, large exchanges like Binance and Bitget may be developing staking solutions that incorporate Solana. These products could offer significant benefits to SOL holders, such as higher yields and increased network participation. As of the time of writing, the SOL price is about $134.03, up 1.76% over the last 24 hours. The daily trading volume for SOL is $1.62 billion, indicating high market activity and continued interest in the token, despite ongoing sales by major investors.
Despite substantial sales, Solana continues to progress in its development, offering new features and solutions for its users and investors.
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