{"id":637108,"date":"2024-08-22T14:00:49","date_gmt":"2024-08-22T14:00:49","guid":{"rendered":"https:\/\/wncen.com\/?p=637108"},"modified":"2024-08-22T08:48:01","modified_gmt":"2024-08-22T08:48:01","slug":"solana-whales-dump-sol","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/solana-whales-dump-sol\/","title":{"rendered":"Solana Dump Far From Over? Whales Continue To Dump SOL"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The Solana dump looks far from over as <\/span><a href=\"https:\/\/wncen.com\/news\/solana\/solana-whales-making-moves\/\"><span style=\"font-weight: 400\">whales continue offloading<\/span><\/a><span style=\"font-weight: 400\"> their SOL holdings during this market downtrend. The recent shakeup in the crypto space might have also contributed to these whales\u2019 bearish sentiment towards <\/span><span style=\"font-weight: 400\">Solana<\/span><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<h2>Crypto Whale Offloads $16 Million Worth Of Solana<\/h2>\n<p><span style=\"font-weight: 400\">In an X (formerly Twitter) <\/span><a href=\"https:\/\/x.com\/lookonchain\/status\/72592054\" rel=\"nofollow\"><span style=\"font-weight: 400\">post<\/span><\/a><span style=\"font-weight: 400\">, the <\/span><a href=\"http:\/\/v\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">on-chain analytics platform Lookonchain<\/span><\/a><span style=\"font-weight: 400\"> drew the crypto community\u2019s attention to a whale who has sold 114,300 SOL ($16 million) on Binance and OKX since August 4. This whale\u2019s most recent sale came on August 20, when they sold 10,000 SOL ($1.41 million).\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-metrics-ath-5000\/\">Ethereum Metrics Turn Positive: Can This Drive A New ATH Above $5,000?<\/a><\/div>\n<p><span style=\"font-weight: 400\">NewsBTC <\/span><a href=\"https:\/\/wncen.com\/news\/solana\/solana-whale-sell-offs-1000\/#:~:text=A%20Solana%20(SOL)%20whale%20has,still%20enjoy%20a%20significant%20rally.\"><span style=\"font-weight: 400\">previously reported<\/span><\/a><span style=\"font-weight: 400\"> about a crypto whale that sold $86 million worth of Solana this year. This particular whale is also back in action, as on-chain <\/span><a href=\"https:\/\/solscan.io\/account\/52KYt2BqTHYT6znUusiKay5Nay37169tHeP71VnmgAVN#transfers\" rel=\"nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> shows that they recently sold 20,000 SOL ($2.9 million). That brings this whale\u2019s total Solana sale to 614,000 SOL ($89 million) since January 15.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Although the reason for these recent sales remains unknown, they could be related to the bearish sentiment in the Solana ecosystem. With its once vibrant meme coin ecosystem being threatened by other networks like Tron and Binance Smart Chain (BSC), Solana\u2019s <\/span><a href=\"https:\/\/bitcoinist.com\/solana-meme-coin-mania-breaks-records\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">decentralized exchange (DEX) trading volume<\/span><\/a><span style=\"font-weight: 400\"> is declining, a metric that could ultimately affect its price.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/defillama.com\/dexs\/chains\" rel=\"nofollow\"><span style=\"font-weight: 400\">Data<\/span><\/a><span style=\"font-weight: 400\"> from DeFiLlama shows that Solana\u2019s DEX volume has dropped by over 20% in the last seven days. Meanwhile, Tron and BSC\u2019s trading volumes are up by over 436% and 15%, respectively. This development is already weighing on Solana, as SOL\u2019s price has remained tepid. <\/span><a href=\"https:\/\/coinmarketcap.com\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Data<\/span><\/a><span style=\"font-weight: 400\"> from CoinMarketCap shows that Solana is one of the few cryptos in the top 20 crypto by market cap not to have recorded a gain in the last seven days.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Another reason for the recent bearish outlook on Solana is reports that the US <\/span><a href=\"https:\/\/wncen.com\/crypto\/sec-announcement-crypto\/#:~:text=What%20The%20SEC's%20Latest%20Announcement%20Means%20For%20The%20Crypto%20Industry,-by%20Scott%20Matherson&amp;text=A%20recent%20announcement%20by%20the,actions%20have%20had%20on%20it.\"><span style=\"font-weight: 400\">Securities and Exchange Commission (SEC)<\/span><\/a><span style=\"font-weight: 400\"> had rejected the Chicago Board Options Exchange\u2019s (CBOE) <\/span><a href=\"https:\/\/bitcoinist.com\/cboe-initiates-regulatory-process-for-solana-etf\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">19b-4 filings<\/span><\/a><span style=\"font-weight: 400\"> for the Spot Solana ETFs. The Commission is still said to be adamant that Solana is a security.\u00a0<\/span><\/p>\n<h2>Some Whales Remain Undeterred<\/h2>\n<p><span style=\"font-weight: 400\">Despite the bearish <\/span><a href=\"https:\/\/bitcoinist.com\/solana-best-coins-out-there\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">outlook on Solana<\/span><\/a><span style=\"font-weight: 400\">, some <\/span><a href=\"https:\/\/bitcoinist.com\/crypto-whale-loses-55-million-massive-hack\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">crypto whales<\/span><\/a><span style=\"font-weight: 400\"> remain undeterred and have seen this as an opportunity to <\/span><a href=\"https:\/\/bitcoinist.com\/key-requirement-for-solanas-path-to-a-500-milestone\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">accumulate more SOL<\/span><\/a><span style=\"font-weight: 400\">. Two whales, in particular, recently invested millions of dollars in the crypto token\u2014the first whale (9tuA8L) <\/span><a href=\"https:\/\/solscan.io\/account\/9tuA8LkyiPyn5JucYFP5U3hJLHzYM83nPMKhWYjamn6Y#transfers\" rel=\"nofollow\"><span style=\"font-weight: 400\">withdrew<\/span><\/a><span style=\"font-weight: 400\"> 30,000 SOL ($4.25 million from <\/span><a href=\"https:\/\/bitcoinist.com\/binance-risk-engine-prevents-2-4-billion-in-potential-losses-from-scams-in-2024-report\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Binance<\/span><\/a><span style=\"font-weight: 400\"> and staked these tokens on August 21.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-could-rise-1000\/\">Historical Data Suggests Bitcoin Could Rise 1,000%, Here\u2019s Why<\/a><\/div>\n<p><span style=\"font-weight: 400\">Meanwhile, the second whale (7CsCGy) also <\/span><a href=\"https:\/\/solscan.io\/account\/7CsCGyT83Bc1yNTtfjw7ijKtBk7L6pNBbeEHWj7BVJK6#transfers\" rel=\"nofollow\"><span style=\"font-weight: 400\">withdrew<\/span><\/a><span style=\"font-weight: 400\"> 26,245 $SOL ($3.72M) from Binance and staked these tokens on August 21. This move could undoubtedly be profitable, especially if Solana\u2019s fundamentals pick up again. Crypto analysts like Ali Martinez had <\/span><a href=\"https:\/\/bitcoinist.com\/solana-price-could-skyrocket-bullish-chart-pattern\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">previously predicted<\/span><\/a><span style=\"font-weight: 400\"> that SOL could reach $1,000 in this bull run.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Solana is trading at around $142, down in the last 24 hours, according to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/solana\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> from CoinMarketCap.\u00a0<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/fjzxxM0v\/\" alt=\"Solana price chart from Tradingview.com\" width=\"3286\" height=\"1450\"><figcaption class=\"wp-caption-text\">SOL price recovers above $140 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">SOLUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Solana dump looks far from over as whales continue offloading their SOL holdings during this market downtrend. The recent shakeup in the crypto space might have also contributed to these whales\u2019 bearish sentiment towards Solana.\u00a0 Crypto Whale Offloads $16 Million Worth Of Solana In an X (formerly Twitter) post, the on-chain analytics platform Lookonchain drew the crypto community\u2019s attention to a whale who has sold 114,300 SOL ($16 million) on Binance and OKX since August 4. This whale\u2019s most recent sale came on August 20, when they sold 10,000 SOL ($1.41 million).\u00a0 Related Reading: Ethereum Metrics Turn Positive: Can This Drive A New ATH Above $5,000? NewsBTC previously reported about a crypto whale that sold $86 million worth of Solana this year. This particular whale is also back in action, as on-chain data shows that they recently sold 20,000 SOL ($2.9 million). That brings this whale\u2019s total Solana sale to 614,000 SOL ($89 million) since January 15.\u00a0 Although the reason for these recent sales remains unknown, they could be related to the bearish sentiment in the Solana ecosystem. With its once vibrant meme coin ecosystem being threatened by other networks like Tron and Binance Smart Chain (BSC), Solana\u2019s decentralized exchange (DEX) trading volume is declining, a metric that could ultimately affect its price.\u00a0 Data from DeFiLlama shows that Solana\u2019s DEX volume has dropped by over 20% in the last seven days. Meanwhile, Tron and BSC\u2019s trading volumes are up by over 436% and 15%, respectively. This development is already weighing on Solana, as SOL\u2019s price has remained tepid. Data from CoinMarketCap shows that Solana is one of the few cryptos in the top 20 crypto by market cap not to have recorded a gain in the last seven days.\u00a0 Another reason for the recent bearish outlook on Solana is reports that the US Securities and Exchange Commission (SEC) had rejected the Chicago Board Options Exchange\u2019s (CBOE) 19b-4 filings for the Spot Solana ETFs. The Commission is still said to be adamant that Solana is a security.\u00a0 Some Whales Remain Undeterred Despite the bearish outlook on Solana, some crypto whales remain undeterred and have seen this as an opportunity to accumulate more SOL. Two whales, in particular, recently invested millions of dollars in the crypto token\u2014the first whale (9tuA8L) withdrew 30,000 SOL ($4.25 million from Binance and staked these tokens on August 21.\u00a0 Related Reading: Historical Data Suggests Bitcoin Could Rise 1,000%, Here\u2019s Why Meanwhile, the second whale (7CsCGy) also withdrew 26,245 $SOL ($3.72M) from Binance and staked these tokens on August 21. This move could undoubtedly be profitable, especially if Solana\u2019s fundamentals pick up again. Crypto analysts like Ali Martinez had previously predicted that SOL could reach $1,000 in this bull run.\u00a0 At the time of writing, Solana is trading at around $142, down in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":637122,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[6664,85977,12837,89406,86420,83626,89405,85361,86410,83627,89615,14781],"class_list":["post-637108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-crypto","tag-crypto-whales","tag-sol","tag-sol-news","tag-sol-price","tag-solana","tag-solana-news","tag-solana-price","tag-solusd","tag-solusdt","tag-whale-news","tag-whales"],"acf":[],"yoast_head":"\n<title>Solana Dump Far From Over? Whales Continue To Dump SOL<\/title>\n<meta name=\"description\" content=\"The Solana dump looks far from over as whales continue offloading their SOL holdings during this market downtrend.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/solana\/solana-whales-dump-sol\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Solana Dump Far From Over? 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