$SOL

🚨Are Whales Looking to Sell $441M SOL?🚨

According to a recent X post by Whale Alert, 2.8 million SOL tokens have been transferred from an unknown wallet to the Binance exchange, creating concerns about a possible sell-off. The value of these tokens is equivalent to $441 million at the current Solana price.

A deep dive into on-chain data shows that the tokens likely came from a stake account funded by the Binance exchange three years ago. Moreover, these tokens have been transferred to a Binance cold wallet, suggesting a lack of intent to sell.

The transfer to a cold wallet may alleviate the bearish concerns that often come with such whale moves. Moreover, Solana’s inflow/outflow data from Coinglass shows that spot outflows have been notably high in the last three weeks. This indicates that investors are withdrawing tokens from exchanges.

As exchange outflows surge, it highlights high demand for Solana as most traders are holding and anticipate that the SOL price could rally. This demand may offset any possible sell-off from the transfer of 2.8 million Solana tokens to exchanges.

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