- A whale transferred SOL worth more than $24 million to Binance while it still retains a massive staked position.
- Solana’s price has marginally risen with slight bearish signals for the token, as seen through exchange netflow and profit data.
- Many addresses are now at a loss, which means that there may be further selling in the short term.
A major Solana ($SOL) whale has returned to the spotlight after transferring substantial funds to Binance in two separate batches. A recent on-chain analysis by Lookonchain reveals that a whopping 202,433 SOL worth more than $24 million has been transferred to the exchange in a very short time. In the first transaction, a deposit of 71,448 SOL, equivalent to $8.54 million, was made, and the second transaction was for 130,985 SOL at $15.5 million.
However, it has maintained staking positions in 568,000 SOL, which is equivalent to around $68 million at the current SOL price. This implies that it is a planned liquidation and not an exit plan. Such large inflows also bring some issues regarding selling pressure to investors, which affects the overall market morale.
Price Drops While Net Outflows Rise
Solana is currently at $118.91 with a daily 5.14% upward and registering a 117% increase in daily trading volume to $6.43 billion. Currently, it has a market capitalization of $60.95 billion. However, the overall market indicators do hold signals of caution.
According to exchange data, negative netflows have risen significantly in recent periods, with more SOL leaving wallets than entering. Coinglass data show a red bar, which in recent days was constantly present, meaning that outflows dominated.
These outflows usually imply higher demand for self-warehousing or long-term storage. However, combined with the large exchange inflows from whales, the trend indicates bearish pressure in the short term and a bullish one in the long term.
However, volume activity from CryptoQuant indicates increased trading range boundaries with volatility in hand, pulling SOL down from the $200 zone early in the year. The current candle patterns have shown high volatility, which can be described as typical after significant transfer agreements and in the overall market trends.
Profitability Metrics Signal Bearish Shift
According to data provided by Glassnode, the situation looks quite worrying for holders. The proportion of addresses in profit has decreased significantly, which is in line with current Solana’s price trends. Previously, many wallets reached $200-$250, although now fewer tend to have this level of profitability.
This decline in the level of profitability can affect retail activity. Due to the high chances of investors making losses, selling pressure is also expected to build up when prices continue to decline. On the other hand, whales may consider this an opportunity to buy at a lower price level and possibly benefit from the selling frenzy caused by the panic signals.
PayPal Expands Crypto Access with Solana
Payments giant PayPal has included Solana and Chainlink ($LINK) among the cryptocurrencies available for its users from the United States and its territories. The new addition is available in the company’s help centre and expanding the existing payments with Bitcoin ($BTC), Ethereum ($ETH), Litecoin ($LTC), Bitcoin Cash (BCH), and PayPal USD ($PYUSD).
Although there is no official announcement about the Solana and link assets, the developer portal, last updated in November 2024, shows that they are live. The tokens associated with these securities are available for purchase, selling, and holding through PayPal.
