After sharp fluctuations witnessed in the market over the past day, the last hours of the day saw a drastic shift in market sentiment, with Solana whales making significant movements as the market regained its confidence.
It is noteworthy that the whales transferred two billion tokens $SOL
Within minutes, according to recent data from the W,,hale Al,ert platform for tracking on-chain currencies.
Data published by the source shows that unknown whales traded billions of the sixth largest cryptocurrency by market capitalization, $SOL , worth over $304 million in just a few minutes.
The tracker noted the massive cryptocurrency transfer on July 2, when the cryptocurrency market experienced a sharp recovery in the prices of leading cryptocurrencies.
The data source clarified that the transfers occurred in two separate but identical transactions, with one billion tokens $SOL transferred consecutively.
The value of the first transfer was $152,067,512, according to #SOL at the time of the transaction, while the value of the second transfer was $152,146,888 in fiat currencies.
And although the transfers were made from unknown wallets to unknown destinations, this step is unusual, raising concerns within the cryptocurrency community, as cryptocurrency holders expressed curiosity about the reason for this rare transaction.
The anonymous nature of these massive transfers of Solana has raised concerns among market participants that it could be a sign of significant volatility in the future, as the market briefly deviated from the sharp price declines seen yesterday.
On the other hand, some commentators pointed out that the transfers were likely OTC purchases of SOL, which, if true, could not directly affect the current price of SOL nor the future trajectory of the token.
The price of Solana rose by 5%
The mysterious SOL transfers that occurred today came at a time when the cryptocurrency market resumed its positive trajectory, with leading cryptocurrency prices recording significant gains over the past 24 hours.
Solana has also adopted this positive trend, as data from Coin,,M,arket,,Cap shows a massive increase in the trading volume of the cryptocurrency to $3,771,515,808, indicating investor activity in trading it.
While the price of Solana rose by 4.92% over the past day, this price increase, coupled with a rise in trading volume, indicates increased buying activity among investors.
Accordingly, some commentators on Solana whale movements see this step as an attempt to buy large quantities of Solana. #REX-OSPREYSolanaETF #DYMBinanceHODL #OneBigBeautifulBill #StrategyBTCPurchase