After experiencing a slight correction in its trading price, Solana (SOL) has resumed a notable upsurge as whales have been spotted accumulating the token in large quantities. On-chain tracking platform, Whale Alert, has revealed the latest whale transactions involving over a million SOL.
On July 21, a total of 1,079,999 SOL, worth over $206.7 million, was moved in two separate transactions among unknown wallets and the U.S. leading cryptocurrency exchange, Coinbase, according to data provided by the source.
While both transfers appeared identical, they were moved in less than five minutes, suggesting that the transfers might have been controlled by a single entity.
The first transfer saw an unknown address withdraw 540,000 SOL, worth $103,381,508 per SOL’s price at the time of transfer, from Coinbase. While the destination of the token remains uncertain, large transfers of cryptocurrencies from exchanges have often been traced to massive buy activities from a high-profile investor or an institution.
The second transfer, on the other hand, saw 539,999 SOL being transferred among two unknown wallets. While the transfer is only one SOL short of the previous transfer, commentators suggest that the move might be a mere redistribution or an internal reshuffling of the initially purchased SOL tokens.
SOL season yet?
The notable SOL transfers happened after a massive shift in SOL's price action, seeing the token resume a massive upward trajectory.
As such, there are speculations that the large SOL transfers might be a sign of long-term accumulation by large players or preparation for a continued market rally.
SOL price action for today has seen it record the second-highest daily gains among the top ten cryptocurrencies by market capitalization, surging massively by 8.36% in the last 24 hours. According to data from CoinMarketCap, Solana is trading at $196.87 as of press time.
Although it is not certain if the SOL transfers had any immediate impact on the token’s ongoing price movement, commentators consider the move as bullish, as it appears that large players are aggressively loading up on the sixth-largest cryptocurrency by market capitalization.
Furthermore, the move highlights surging interest in Solana as investors are optimistic about a continued price rally that could see the token achieve a new ATH in the ongoing bull run.
U.Today Editorial Team
Dan Burgin
