A whale just sent over 1 million solana (SOL) tokens to Binance, triggering concerns of an impending dump among market watchers. This transaction comes when the asset is stuck in an extensive consolidation, as it seeks to reclaim the $25 price point.
Prominent whale-tracking resource Whale Alert recently called attention to the notable transaction. Data from the Solana explorer indicates that the transaction, which occurred today at 7:40 AM (UTC), involved 1,001,394 SOL currently valued at $22.19 million against prevailing rates.
Notably, the recent whale transaction is the most significant transfer involving solana indexed by Whale Alert in over a month. Moreover, data suggests that the transaction emptied the sending address, leaving it with a balance of 0 SOL.
The development has elicited concerns of an impending selloff, as investors often move large amounts of assets to exchanges when there is an intent to dump them. However, due to limited information surrounding the movement, these remain mere conjectures.
A selloff trend could trigger further declines in solana’s price, as the asset has struggled to reclaim the $25 price territory since plummeting below it on April 18. Despite intermittent drops, SOL has defended the support at the $20 mark in the past month, as staying below it could induce a free fall to $16.
SOL dropped with the rest of the crypto market yesterday but has since staged a recovery that has seen it appreciate by 2.21% in the past 24 hours, currently changing hands at $22.19 at the time of reporting.
Since dropping below $10 in the aftermath of the FTX implosion, solana has been looking to reclaim the pre-FTX highs above $30. Still, occasional hurdles stationed by the bears have served as resistance to this dream. The asset is looking to capitalize on the next market-wide rally to recapture the $30 zone.