Recently, one of the largest holders of Solana moved 39,875 SOL to Bybit to take profit of around $8.19 million. This move comes after several months of holding tokens and follows the recent surge in Solana prices.
Major Solana Whale and Their Actions
On-chain data shows that the whale purchased tokens from Bybit five months ago for about $5.26 million, leading to a profit of approximately $2.93 million. This illustrates the activity of large holders seeking to realize profits against the rising market.
Price Surge of Solana and Its Causes
The recent rally in Solana has resulted in a 30% price increase. This uptrend is attributed to the growing popularity of decentralized finance (DeFi), whale activity, and integration across blockchain networks. The current Relative Strength Index (RSI) sits at 67, indicating a bullish trend.
Current Liquidity Factors in the Solana Market
The on-balance volume (OBV) for Solana stands at $607 million, reflecting sustained buying pressure in recent weeks. However, the actions of whales can sometimes create short-term selling pressure, leading to potential temporary instability in the market.
Thus, the activity of major holders and the successful rise of Solana point to a dynamic market environment, although short-term price fluctuations are not ruled out.
