One of the biggest Solana whales has moved 39,875 SOL to take profit, which is around the value of about 8.19 million, out of Bybit after holding for several months.
On-chain information shows that the whale purchased tokens from Bybit five months ago for about 5.26 million, leading to a profit of around $2.93M.
In the recent Solana rally, we have seen a 30% jump in the prices. The whale activity has increased, as the big holders are disposing of the portfolio and, possibly, seizing the opportunity for significant liquidity on major exchanges.
Good Solana Price Movement Triggers Profit Taking
The rise of Solana is largely based on the increase in DeFi adoption, corresponding whale market activity, and integration across blockchain networks.
The current daily Relative Strength Index (RSI) sits at 67, signaling that while the market is not yet in extreme overbought territory, momentum is leaning heavily bullish.
Such a technical background offers the whales chances to enjoy the profit as long as demand is high.
On-Balance Volume Signals Healthy Liquidity
The on-balance volume (OBV) for Solana stands at $607 million, reflecting sustained buying pressure over recent weeks.
A robust OBV may reflect the fact that the strength of the price increase is supported by a favorable volume, and a reliable confirmation may be made regarding the solidity of the rally.However, when whales make big deposits on exchanges, it can occasionally result in short-term selling pressure, particularly if they are part of a wider liquidation strategy.
Though the technicals continue to indicate more upward in Solana, whale profit-taking in the market, as well as the recent rise, may lead to short-term turbulence.
