Solana Whale Cashing In? $10.2 Million Moved to Coinbase After 17% Price Surge

Is a major Solana sell-off imminent? On-chain data reveals a significant transaction: a Solana whale transfers $10.2 million worth of SOL from a decentralized platform to cryptocurrency exchange Coinbase. This move, occurring after Solana's recent 17% price rise, has triggered speculation about potential market impact.

Data shows a Solana whale has deposited $10.2 million in SOL to the crypto exchange Coinbase as the asset’s price has risen significantly. This follows reports of other large SOL movements. Specifically, Solana whales have unstaken $810M worth of SOL at the current price, with a large portion, approximately $516M, deposited on Coinbase Prime. The reason for these large transfers remains unconfirmed, but potential motives include profit-taking or preparing for further market volatility.

Recent analysis also highlights the unstaking of 5.52M SOL, worth an estimated $810 million, by five whale accounts, with $516 million moved to Coinbase Prime. This reinforces concerns raised by an anonymous whale's transfer of more than 1.2 million SOL – worth nearly $150 million – to an unknown wallet (data by Whale Alert). These substantial movements of Solana Whale Currencies are being closely watched by investors.

The potential consequences of these actions are significant. Some analysts suggest that the SOL price might crash to $100 or lower if selling pressure increases from these large holders. The combination of unstaking and deposits onto Coinbase Prime raises the possibility of a substantial sell-off, potentially impacting the overall Solana ecosystem. Keep up to date with the latest developments in the Solana Whale watch to stay informed.