A whale has received wide publicity after making impressive gains by transferring large amounts of Solana (SOL) tokens from a CEX and selling them in a DEX.
Whale made $7.47 million in this trade
In a post on X by Lookonchain today, the whale withdrew 59,406 SOL tokens from Kraken. He then sold the entire tokens on a DEX at the cost price of $125.8, making him receive $7.47 million USDC.
The whale’s action signifies that big investors are offloading part of their SOL holdings for a profit-taking agenda. His trading activity showcases the flexibility and liquidity of DEXs, which enable huge transactions to take place without the involvement of intermediaries. The whale’s move to transfer assets from a CEX to a decentralized exchange highlights a strategic action, potentially capitalizing on the peer-to-peer trading on DEXs to make more profit.
The sale of these SOL tokens for $7.47 million showcases the investor’s confidence in the current market price. It also highlights the rising adoption and use of DEXs for large-scale transactions.
However, the whale’s decision to liquidate such huge quantities of Solana on a decentralized exchange raises concerns about a possible effect on SOL price. Although the sale has not triggered immediate market impacts, it highlights the influence that whales have on market dynamics.
Solana price updates
Today, SOL recorded a 0.5% increase over the past 24 hours. Also, its price has been up 3.4% over the past week, indicating rising enthusiasm for the asset’s short-term growth. This surge happens amidst a rise in long positions and an increase in market activity, showing bullish sentiment around the asset currently.
As traders increasingly create leveraged long positions in Solana, they are optimistic about the token’s price rebound. This momentum is seen in the SOL’s price movements. It is also seen in the surging open interest (IO), which shows a growing optimism among traders that Solana will continue to experience an upturn. IO on Solana surged by 1.29% over the past 24 hours, signifying that derivatives traders are channeling more funds into Solana, hoping for price growth.
At press time, SOL’s price is standing at $125.89, just close to the crucial resistance level of $132.6. If it can maintain its current momentum and its demand remains robust, it could surpass this resistance zone soon and possibly target the $155 area. This would enable SOL to shift toward a more sustainable uptrend.
