Solana (SOL) has been on the move recently, with the price rising more than 35% this week to trade above $200 for the first time since 2021. The latest gain has pushed SOL closer to its all-time high of roughly $258 reached that year.
This big deposit to a controlled exchange like Binance is sometimes interpreted as a harbinger to a potential sell-off, as whales typically transfer assets to exchanges when they intend to liquidate their holdings.
According to SpotOnChain, the same whale has deposited a total of 300,000 SOL (about $60.1 million at an average price of $200.3 per SOL) to Binance in the last two days. The data also shows that the whale now has 1.52 million SOL (valued roughly $305 million), with 287,129 SOL (worth about $57.7 million) stashed in a wallet that could be sent to a centralized exchange soon.
The timing of these whale movements is also significant, implying that the massive holding may not want to wait for SOL to reach new all-time highs before collecting profits. With SOL’s market valuation now approaching that of BNB, the Solana ecosystem is certainly gaining traction among investors and traders.
While whale behavior does not always predict market moves, large-scale payments to exchanges have historically preceded significant sell-offs or increased volatility in cryptocurrency markets.
Release: The purpose of this content is only to provide knowledge. Readers have to do their own research before making investment decisions.
