Mixed Reactions in Solana Community as Whale Unstakes Over $31M in SOL, Sends to These Exchanges

According to @lookonchain, a SOL whale recently unstaked 505,034 SOL worth over $31 million and transferred the funds to centralized exchanges Binance and Kraken. The whale still has a sizable 2.9 million SOL staked worth around $184 million.

Potential Price Impact

The large unstaking transaction and transfer to exchanges caused mixed reactions within the Solana community. @Kenny142536 suggested the sizable SOL movement may impact prices. Others like @Jim_Rohn_ speculated the whale may be looking to dump their holdings, which could drive prices lower.

Cautions of Selling Pressure

Some community members issued words of caution regarding the on-chain activity. @0x3t3th3r warned followers to be careful with so much SOL being moved to exchanges in recent days. @darasto20 posed the theory that the whale may be trying to force a pullback in order to buy back at lower prices.

Understanding the Motive

The whale’s underlying motive remains unclear – they may be planning to sell and take profits, rotate holdings, or make a large purchase at lower prices as speculated. Regardless, the transfer of such a large amount of recently unstaked SOL to exchanges merits close monitoring.

Read also:

The mixed reactions reflect uncertainty around how the movements will impact Solana’s price action. Some see the transfers as foreshadowing impending selling pressure and decline, while others remain confident in Solana’s fundamentals and future outlook. The crypto community will be observing closely to gauge the whale’s intentions and SOL’s price response.

We recommend eToro

74% of retail CFD accounts lose money.
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com


Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency