- What does this whale know?
- SOL price outlook
The crypto market is severely down but whales have remained bullish on Solana.
On August 20, a large crypto transaction involving 1,000,000 SOL was spotted leaving the world’s largest crypto exchange Binance, according to data provided by Whale Alert.
The transaction, which involved massive amounts of SOL worth over $181 million, happened during the mid-hour of the day, sparking discussions across the crypto community.
While the large transfer was made from a Solana cold wallet, the data shows that the destination of the transfer was unidentified by the tracker, suggesting a possible buy activity from a high-profile investor.
The receiving Solana wallet appears to have been recently created, as the first transaction carried out on the wallet happened 14 days ago, on August 7.
What does this whale know?
Although the reason behind the transfer was not stated, all indications from the transfer point to an attempt to buy the asset in large quantities. Notably, large amounts of cryptocurrencies leaving a major crypto exchange like Binance have often been traced to major buy activities from whales.
While the massive crypto transfer came at a time when the crypto market is experiencing a severe bloodbath, comments have suggested that a high-profile investor or an institution might have made the move to stack up on the asset at a lesser price and maximize profits.
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Apart from its anonymous nature, which has stirred curiosities among market participants, it is uncommon for such large amounts of tokens to be moved in attempted buy activities at a time like this when the crypto market is experiencing a heavy downturn.
Nonetheless, bullish moves like this have fueled hopes among relenting investors that something big might be coming, which the whale appears to be preparing for.
SOL price outlook
After falling as low as $179 on August 20, the price of SOL has seen a sharp rebound, rapidly switching to the green zone on the same day.
According to data from CoinMarketCap, SOL has surged sharply to $184 as of press time, reflecting a price increase of 3.48% over the last day.
Source: CoinMarketCap
With this sudden rebound in SOL’s price, investors’ enthusiasm have been reignited, and more large transfers like this are expected to push the token for more rally.
