According to onchain data from Solscan, one Solana (SOL) whale unstaked 200,000 coins, worth around $30 million, over the last three days. The individual has since moved the tokens to Binance, the world’s largest cryptocurrency exchange by volume.
Solscan data shows that the validator unstaked and sold 1.2 million SOL tokens between June and July, worth around $178 million.
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Why Is The Whale Selling Their Solana?
SOL witnessed an incredible rise over the last two years. The asset fell to record lows after the collapse of FTX in November 2022, dipping to sub-$10 levels. Since its 2022 lows, SOL’s price has experienced quite a comeback, briefly reclaiming the $200 level mark earlier this year.
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It is possible that the whale anticipates a price correction for Solana (SOL) and may buy more tokens when prices are low. On the other hand, it is also possible that the individual aims to book profits and stay out of the project.
Will The Asset Face A Price Correction?
The movement of assets into exchanges is often considered bearish as it leads to the possibility of them being sold in the market. Selling $30 million worth of SOL may negatively impact the asset’s price.
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Despite the whale movement, SOL has not witnessed a price dip yet. The asset is up 0.7% in the daily charts, 8.7% in the weekly charts, nearly 12% in the 14-day charts, and more than 679% since September 2023. SOL continues to glow red in the monthly charts, dipping by almost 4% over the previous 30 days.
CoinCodex data suggests SOL will consolidate around current price levels for the remainder of the month before breaking into a rally in mid-October.
