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On-chain data shows a Solana whale has made a large withdrawal from Binance in the past day, a sign that could be bullish for SOL’s price.
Solana Whale Has Made A Large Transaction In The Last 24 Hours
According to data from the cryptocurrency transfer tracker service Whale Alert, a massive transaction has been spotted on the Solana network during the past day.
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The transfer in question involved the movement of 374,161 SOL, worth around $52.7 million at the time the move was executed on the blockchain. Given the large scale involved, it’s likely that a whale entity was responsible for the transaction.
Whales are the big-money investors who can carry some degree of influence in the market. Naturally, the movement of just one such holder is unlikely to directly affect the cryptocurrency’s price, but it can still be useful to keep an eye on it as it may reveal what the sentiment is like among the large entities.
Given the anonymous nature of the blockchain, though, it’s hard to gain anything from many of the transactions, as they occur between self-custodial wallets. Such transfers can correspond to anything, whether that be P2P trading or a simple change of wallets.
Some moves do have unique identifiers attached to them, however, like those that involve central platforms. Fortunately, the Solana whale transfer of relevance in the current discussion is of this type.
Here are the wallet details related to this transaction:
As is visible above, the sending address in the case of this Solana transfer was one attached to the cryptocurrency exchange Binance. The destination of the move, on the other hand, was an unknown wallet, meaning it wasn’t affiliated with any known central entity.
A transaction of this type where coins flow from an exchange to a self-custodial address is called an exchange outflow. Generally, investors withdraw their coins from the custody of the exchanges when they plan to hold in the long term, so exchange outflows can prove to be bullish for SOL’s price.
If the whale in the current transfer has truly made the withdrawal for accumulation purposes, then it could certainly be a positive sign for the asset, given the scale involved.
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Just like how outflows can be positive, inflows can be negative instead. Another top cryptocurrency, XRP (XRP), has seen this latter type of whale transaction today.
The details related to the XRP whale exchange inflow | Source: Whale Alert
With this transfer, a whale has deposited a total of 29,532,534 XRP (about $62.6 million) to the cryptocurrency exchange Coinbase. If the investor has made the large move for selling-related purposes, then this could be a bad sign for the asset.
SOL Price
At the time of writing, Solana is trading around $134, up almost 4% in the last seven days.
Featured image from Dall-E, whale-alert.io, chart from TradingView.com
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