Solana Whales Move $1B in Minutes, Sparking Volatility
Blockchain tracker Whale Alert recorded six large SOL transfers totaling 7.6 million SOL (over $1 billion) moving between unknown wallets in under minutes. The largest moves included 1.63 million SOL (~$223.8 M) and 969,873 SOL (~$133.5 M), with several transfers originating from newly created addresses. Earlier, a 304,946 SOL deposit (~$56 M) hit Binance on October 18, highlighting sustained Solana whale activity. This surge in Solana whale transfers suggests profit-taking or institutional rebalancing ahead of a potential SOL ETF launch. Following these transactions, SOL price dipped 0.32% to $136.56 on CoinMarketCap. Traders should monitor Solana whale transactions, on-chain transfers, and the SOL order book for increased market volatility and potential sell-off signals.
Bearish
Large-scale Solana whale transfers to both unknown wallets and Binance typically signal increased sell pressure and preemptive profit-taking. In the short term, such movements can trigger heightened volatility and downward pressure on SOL’s price as traders react to potential offloading by institutional holders. Over the longer term, uncertainty remains around the timing of a SOL ETF launch and its impact on network demand. However, sustained whale activity without corresponding inflows from retail buyers may keep bearish sentiment prevalent until clearer bullish catalysts emerge.