As prices experienced a surge, large Solana holders decided to liquidate their holdings. How will price be impacted?
had an extremely positive run in terms of activity over the last few months thanks to the popularity of the memecoins on its network. The price of SOL also soared amid the bullish frenzy in the market.This same investor then withdrew 879,441 SOL tokens worth $67.92 million from Binance, at an average price of $77 per token. Subsequently, the whale redeposited 711,238 SOL tokens valued at $106.7 million into Binance, at a price of $150 per token.
Overall, while the investor’s actions may yield significant profits in the short term, it can also create selling pressure on SOL and negatively impact sentiment around the token.Despite this, SOL’s price surged by 11.25% in the last 24 hours. The recent uptick in SOL’s price was not an isolated event but rather part of a larger bullish trend that has been driving the token’s value upwards.