Significant activity occurred in the Solana market as a whale unstaked and sold 60,289 SOL for $7.67 million, drawing heightened attention and raising concerns among cryptocurrency investors.
Whale Unstakes 60,289 SOL
Today, Lookonchain identified a large holder who unstaked 60,289 SOL tokens and sold them for $7.67 million at an average price of $127. This operation highlights the investor's intent to capitalize on further market opportunities after the staking period. Moving assets from staking to a more liquid state can indicate the intention to sell or trade these tokens on exchanges like Coinbase.
Solana Price Updates
Transfer of assets into exchanges is often seen as a bearish signal, which may influence their sales in the market. Selling $7.67 million worth of Solana could adversely impact the asset’s price. Trading charts show that Solana has been struggling to sustain its upward movement recently, being down 4.2%, 5.4%, and 11.5% over the past week, past two weeks, and past month, respectively.
Impact on the Solana Market
Open interest (OI) on SOL dropped by 2.67% over the past 24 hours, showing traders' waning confidence in the asset. Also, transaction volume dropped by 12.51%, indicating significant inflows of SOL tokens into exchanges, which can signify bearish sentiment among investors. The asset’s price currently stands at $125.35, down 4.6% and 4.2% over the past 24 hours and one week, respectively.
Large transfers of SOL tokens in the market continue to impact the price and investor sentiment. While the whale might expect a price correction or aim to secure profits, this event underscores the uncertainty in the cryptocurrency market regarding Solana’s future trajectory.
