Major crypto holders have made substantial withdrawals of Solana (SOL) from Binance, as the asset’s price climbs. Data from blockchain analytics platform Lookonchain shows four large wallet addresses moved over 185,000 SOL tokens worth approximately $42.46 million from the exchange within hours.
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Whale Activity Signals Strong Market Movement
Blockchain data reveals a series of large-scale SOL withdrawals from Binance.
The largest transaction came from a wallet ending in w6tR, which moved 100,010 SOL valued at $22.46 million. Three other wallets followed with notable withdrawals – 46,103 SOL ($10.81M), 20,897 SOL ($5M), and 18,500 SOL ($4.2M).
These movements happened as SOL maintained its upward price trajectory. The transfers suggest growing interest from institutional investors and high-net-worth individuals in holding SOL tokens outside centralized exchanges.
SOL Technical Analysis Points to Bullish Momentum
Market analyst @CryptoJelleNL points out SOL’s bounce from the 200 exponential moving average (EMA). The token broke out of a falling wedge pattern, suggesting potential price appreciation. Moreover, the analyst predicts a potential rally to new highs following the breakout.
CoinGecko data shows SOL trading at $236.57, marking a 5.02% increase over 24 hours and a 0.27% rise across the week.
The total trading volume reached $10.65 billion, demonstrating active market participation. These metrics align with the broader market sentiment surrounding SOL’s price action.
Read also: Here’s Why Stacks (STX) Has Been ‘Booming Pretty Strongly’: Expert
Institutional Interest Through ETF Filing
Grayscale’s move to file for a Solana ETF marks another development in SOL’s market presence. Crypto analyst @seth_fin notes this institutional development alongside technical analysis suggesting further upside potential.
The ETF filing represents growing mainstream finance interest in providing regulated SOL exposure to traditional investors.
The combination of whale activity, technical breakouts, and institutional developments paints a comprehensive picture of SOL’s current market dynamics. Trading data and on-chain movements continue to shape the asset’s trajectory in the crypto markets.
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