Solana Dump Far From Over? Whales Proceed To Dump SOL

The Solana dump appears to be like removed from over as whales continue offloading their SOL holdings throughout this market downtrend. The current shakeup within the crypto house may need additionally contributed to those whales’ bearish sentiment in the direction of Solana.

Crypto Whale Offloads $16 Million Value Of Solana

In an X (previously Twitter) post, the on-chain analytics platform Lookonchain drew the crypto neighborhood’s consideration to a whale who has offered 114,300 SOL ($16 million) on Binance and OKX since August 4. This whale’s most up-to-date sale got here on August 20, after they offered 10,000 SOL ($1.41 million).

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NewsBTC previously reported a couple of crypto whale that offered $86 million price of Solana this yr. This specific whale can be again in motion, as on-chain data reveals that they not too long ago offered 20,000 SOL ($2.9 million). That brings this whale’s whole Solana sale to 614,000 SOL ($89 million) since January 15.

Though the rationale for these current gross sales stays unknown, they may very well be associated to the bearish sentiment within the Solana ecosystem. With its as soon as vibrant meme coin ecosystem being threatened by different networks like Tron and Binance Good Chain (BSC), Solana’s decentralized exchange (DEX) trading volume is declining, a metric that might in the end have an effect on its worth.

Data from DeFiLlama reveals that Solana’s DEX quantity has dropped by over 20% within the final seven days. In the meantime, Tron and BSC’s buying and selling volumes are up by over 436% and 15%, respectively. This growth is already weighing on Solana, as SOL’s worth has remained tepid. Data from CoinMarketCap reveals that Solana is without doubt one of the few cryptos within the prime 20 crypto by market cap to not have recorded a achieve within the final seven days.

One more reason for the current bearish outlook on Solana is studies that the US Securities and Exchange Commission (SEC) had rejected the Chicago Board Choices Alternate’s (CBOE) 19b-4 filings for the Spot Solana ETFs. The Fee remains to be mentioned to be adamant that Solana is a safety.

Some Whales Stay Undeterred

Regardless of the bearish outlook on Solana, some crypto whales stay undeterred and have seen this as a chance to accumulate more SOL. Two whales, specifically, not too long ago invested thousands and thousands of {dollars} within the crypto token—the primary whale (9tuA8L) withdrew 30,000 SOL ($4.25 million from Binance and staked these tokens on August 21.

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In the meantime, the second whale (7CsCGy) additionally withdrew 26,245 $SOL ($3.72M) from Binance and staked these tokens on August 21. This transfer may undoubtedly be worthwhile, particularly if Solana’s fundamentals decide up once more. Crypto analysts like Ali Martinez had previously predicted that SOL may attain $1,000 on this bull run.

On the time of writing, Solana is buying and selling at round $142, down within the final 24 hours, in line with data from CoinMarketCap.