The recent shakeup in the crypto space might have also contributed to these whales’ bearish sentiment towards Solana. Crypto Whale Offloads $16 Million Worth Of Solana In an X (formerly Twitter) post, the on-chain analytics platform Lookonchain drew the crypto community’s attention to a whale who has sold 114,300 SOL ($16 million) on Binance and OKX since August 4.
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. 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’s (CBOE) 19b-4 filings for the Spot Solana ETFs.
Two whales, in particular, recently invested millions of dollars in the crypto token—the first whale (9tuA8L) withdrew 30,000 SOL ($4.25 million from Binance and staked these tokens on August 21. Related Reading: Historical Data Suggests Bitcoin Could Rise 1,000%, Here’s Why Meanwhile, the second whale (7CsCGy) also withdrew 26,245 $SOL ($3.72M) from Binance and staked these tokens on August 21.
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