Solana whales are actively moving SOL away from exchanges, with large quantities of SOL being moved in rapid fashion from Binance. It will likely greatly affect the momentum of the asset on the market, with 47,154 SOL, or around $8 million, being moved from Binance.
This withdrawal is in line with a broader pattern that was seen over the previous three days, during which the same entity transferred 134,482 SOL from Binance to staking. Since staking lowers the supply in circulation and may promote price stability, this accumulation points to a long-term bullish attitude among the biggest investors. By shifting SOL from Binance to staking, whales lessen the token's instant trading availability, which could eventually result in less sell pressure.
SOL/USDT Chart by TradingView
Depending on the mood of the market as a whole, large-scale staking events have historically been associated with price stability or even upward movements. But according to recent price activity, Solana has been under pressure and has been battling below important support levels.
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In the last month, SOL's value has dropped by about 45%, marking a significant decline from its peak. Even so, given that staking usually locks tokens away for a long time, whale activity suggests confidence in Solana's long-term worth. When 20,000 SOL ($4.3 million) were transferred from Binance to a newly created wallet, it was another notable withdrawal.
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This action demonstrates the increasing trend of whales reallocating their assets, even though it was connected to taking part in a new project presale. Later, 16,000 SOL were returned to the wallet, indicating that there were calculated fund movements rather than a complete sell-off.
The price action of Solana continues to be in a critical area. The general mood of the market still determines whether SOL can retake important resistance levels, even though the recent whale activity may indicate optimism for the network's future.
If staking and accumulation keep up this rate, Solana may experience less volatility and possibly reverse its recent downward trend. However, because the overall state of the market is still unclear, traders should exercise caution.
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