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Whale Alert has identified a series of large Solana (SOL) transactions totaling over $180 million sent to Coinbase. The transfers, occurring today, indicate potential market-moving activity by major crypto holders, often referred to as whales.
Notably, the series of transactions includes a transfer of 322,817 SOL, valued at $45.5 million, from an unknown wallet to Coinbase. Another transfer of 318,664 SOL, valued at $44.9 million, was also sent from an unknown wallet to Coinbase.
Additionally, 317,314 SOL, valued at $44.7 million, and another 322,817 SOL, valued at $45.5 million, were transferred from unknown wallets to Coinbase. An important thing to note here is that the timing of these whale moves coincides with a broader downturn in the crypto market.
Crypto bloodbath and SOL price
The global crypto market cap has experienced a 5.07% decrease over the last day, now standing at $2.13 trillion. This market-wide crash has been predominantly led by Bitcoin (BTC), whose decline often influences the entire crypto ecosystem.
The SOL price has not been immune to the market downturn. Currently trading at $135.01, SOL has seen a decline of 7.8% in the past 24 hours. The sudden influx of SOL to Coinbase, likely for liquidation, has added to the bearish sentiment surrounding the asset.
The crypto market has been experiencing increased volatility, and the significant transfers of SOL to Coinbase add another layer of uncertainty. These transfers are critical because whales can have outsized effects on the market due to the large volumes involved.
Today’s movements show the influence of whale activity on the market. The transfer of over $180 million in Solana to Coinbase is a noteworthy event, and the next few days will be crucial in determining the near-term trajectory of the SOL price and the broader crypto market.
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