Solana (SOL) Price Jumps: Whales Are Driving the Movement

Today, the price of The Solana (SOL) jumped. Why?

After spiking from $142 to $148 on the previous day, Solana (SOL) is now up 4%. It is worth noting that Solana has experienced a 23% increase from $119.56 since May 1. It is possible that this price increase will continue consistently throughout the remainder of the month. Some whales are secretly buying and selling SOL tokens, according to on-chain statistics, which suggests a general sense of optimism about the cryptocurrency market.

Specifically, according to whale transaction tracker Whale Alert's on-chain data, 267,077 SOL, valued at $38.6 million, were transferred from Binance to an undisclosed wallet in the last 24 hours. A separate significant transfer saw the transfer of 11,000,000 SOL, equivalent to $1.6 billion, from one private wallet address to another.

Movement of the Solana Whale

The cryptocurrency market is rife with whale transactions. They come in a variety of forms, and they have a way of influencing the mood of crypto traders. If whales are moving their assets out of exchanges and into private addresses, it could mean they're waiting for prices to skyrocket.

However, selling pressure on these exchanges may intensify if users move their funds from private wallets to them. There are a lot of possible causes for a third kind of whale transfer, which involves two private wallets.

The third type of whale movement includes the recent shift of 11 million SOL. Two stake addresses were involved in the transfer, according to additional investigation into on-chain transaction data.

Meanwhile, private wallet "8NWAHM" has been adding SOL during the last day. Whale Alert just detected a curious $38.6 million (or 267,077 SOL) transfer to the address, but further investigation into the wallet reveals that this is the second large inflow into the address within the previous 24 hours.

As a result of its accumulation, this whale appears to be setting itself up for a price surge in the next weeks, which has increased buying demand for SOL.

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