Solana (SOL) has been on the runr lately, with the price surging over 35% this week to trade above $200 for the first time since 2021. The recent rally has propelled SOL close to its all-time high of around $258 set in that year.
However, on-chain data suggests that a massive SOL whale may be preparing to take profits off the table. According to blockchain data analytics firm SpotOnChain, a whale with the address “BU6N2Z68JPXLf247iYnHUTUv1B7p8AFWGTYkcjfeSwY8” deposited a staggering 200,000 SOL (worth around $40.5 million at $202.5 per SOL) to cryptocurrency exchange Binance in the past 8 hours.
The deposits were executed across two transactions:
- KUCTDpRUUwD2t8CDTMtLiHo7wGxEfYoWEqRZfCxD3289BVfS14GkzPqJdQAE48mAWBrY4kZMHcLiTqkZP3rGVuf
- 5eDyCK1c45Ddy5XieQbefXDZw6ct74QTftDFmoCgk6iviEcWgRjxymwbP9aW2Xa7UpTvx5ssHJZTwjWrCR39CJCj
This massive deposit to a centralized exchange like Binance is often viewed as a precursor to a potential sell-off, as whales typically move funds to exchanges when they intend to liquidate their holdings.
According to SpotOnChain, the same whale has deposited a total of 300,000 SOL (around $60.1 million at an average price of $200.3 per SOL) to Binance over the past two days. The data further reveals that the whale currently holds 1.52 million SOL (worth approximately $305 million), with 287,129 SOL (around $57.7 million) stored in a wallet that may be deposited to a centralized exchange soon.
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Show more +The timing of these whale movements is particularly noteworthy, as it suggests the massive holder may not want to wait for SOL to hit new all-time highs before taking profits. With SOL’s market capitalization surpassing that of BNB today, the Solana ecosystem has undoubtedly been garnering significant attention from investors and traders alike.
While whale activity does not necessarily dictate market movements, such large-scale deposits to exchanges have historically preceded major sell-offs or increased volatility in the cryptocurrency markets.
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