After experiencing high market volatility on past days, the second half of today has seen a dramatic reversal in market sentiment as we see the Solan Whales pulling a big move while market confidence is regaining.
In particular, recent data from Whale Alert, on-chain tracking platforms, 2 billion Sol tokens have been moved to whales in minutes.
Data shared by the source shows that anonymous whales have traded billions of the sixth largest cryptocurrency with their market capitalization SoL, trading value of just over $344 million.
The large-scale cryptographic transfer was discovered by the tracker on July 2nd. At that time, a wide range of crypto markets saw a sudden revival at the prices of major cryptocurrencies.
The data source revealed that the transfer occurs in two separate, identical transactions, with 1 billion sols moving twice in a row.
The first transfer was worth $152,067,512 per Sol price at the time of trading, and the second transfer was worth $152,146,888 on Fiat.
Although transfers to unidentified destinations have been made through unknown wallets, this move is unusual and raises concerns among the crypto community as crypto holders have expressed curiosity about the reasons behind such rare transactions.
The anonymous nature of these massive Solana transfers has led the market to temporarily decouple the massive price drop seen yesterday, and market participants are worried that it could be a sign of major volatility.
Meanwhile, some commentators suggest that the transfer is likely to be an over-the-counter (OTC) purchase of Sol.
Solana rose 5%
The mystical SOL transfer that took place today came when the broad crypto market resumed its positive trajectory.
Solana also adopts this positive trend, as data provided by CoinmarketCap shows that cryptocurrencies have increased trading volumes to $3,771,515,808, suggesting investors are actively trading tokens.
Sol Price also surged 4.92% on the last day, but the price surge, consistent with the increase in trading volume, indicates an increase in investor purchase activity.
Therefore, some commentators on the Solanum whale movement have affirmed that the move could be an attempt to buy a large amount of SOL.
