The price of Solana (SOL) has sharply declined in light of military news from the Middle East, while major players are making active moves.
Sharp Price Decline of SOL
On June 13, Solana's price fell over 10%, reaching a low of $140 from a daily high of $160. This drop occurred amid news of Israeli airstrikes against Iranian military assets, sparking market panic. According to Glassnode, such trading conditions led to over $18 million in SOL liquidations.
Actions of Major Players in the Market
Despite the overall decline, large market participants, known as 'whales', began transferring significant volumes of tokens between private wallets. A $323 million shuffle, which accounts for about 15% of the token's average daily trading volume, occurred entirely off-exchange, raising speculations about covert accumulation or internal portfolio rebalancing among institutional investors.
Comparison of Institutional and Retail Trader Actions
During the price drop, retail traders rushed to exit positions, evidenced by record inflows into exchanges over the past 14 days. Meanwhile, institutional players appear to be taking a different approach; as of June 13, SOL recorded a net negative exchange flow of about $35 million, indicating that more tokens are being moved to cold storage.
In the face of uncertainty in the Solana market, it is essential to monitor the actions of both major players and retail investors. Despite the price drop, whales' behavior and rising interest in accumulation may signal a potential recovery in the future.
