In the past nine hours, Solana whales have made significant deposits to crypto exchanges, leading to concerns over possible sell-offs.
Volume of SOL Transfers
Blockchain data reveals that three major addresses moved a total of 226,544 SOL, valued at over $40 million. One address, CMJiHu, transferred 96,996 SOL (worth $17.45 million) to exchanges about nine hours ago.
Impact on Binance and Kraken
The largest centralized exchanges, Binance and Kraken, received substantial inflows. Notably, the wallet HiN7sS sent 37,658 SOL ($6.73 million) to Binance, reportedly netting a profit of $1.63 million.
SOL Price Prospects
The high level of whale activity could introduce short-term volatility. If a significant portion of these holdings are sold, it may create downward pressure on SOL's price. Traders will monitor whether these deposits are part of a broader liquidity strategy.
The current movement of SOL to exchanges has attracted trader attention, anticipating possible sell-offs. Future price behavior will depend on whether actual sales occur.
