A Solana whale has continued its large-scale selling spree, offloading nearly $84 million worth of SOL tokens since January, contributing to market volatility and raising concerns among investors.
Points
- A Solana whale has sold $84 million worth of SOL tokens in 2024, with $2.8 million sold in the latest transaction.
- The whale’s consistent selling has added to market uncertainty and may influence SOL’s price movement.
- Other major holders, including Ethereum whales, are also engaging in large-scale sales, indicating broader market caution.
- The whale’s selling strategy aligns with dollar-cost averaging, spreading sales over time to mitigate market impact.
A significant Solana （SOL） whale has continued its aggressive selling strategy, offloading another $2.8 million worth of SOL tokens in a series of transactions, bringing the total value of SOL tokens sold this year to nearly $84 million. The consistent weekly sales, which began in January 2024, have added to the ongoing market uncertainty surrounding Solana, a major player in the cryptocurrency space.
Blockchain analysis firm Lookonchain first reported the whale’s activity, noting that the whale had transferred approximately 594,000 SOL tokens to exchanges like Coinbase, Binance, and OKX throughout the year. With SOL’s price hovering around $144.30, the whale’s actions have sparked concerns among investors, who are wary of the potential impact on the token’s market value.
This selling spree is not isolated to Solana. Another whale associated with the Ethereum （ETH） initial coin offering （ICO） has also been selling large amounts of ETH, with a total of $154 million deposited to OKX since July 8. These large-scale sales reflect a broader trend of cautious behavior among major cryptocurrency holders, who may be seeking to secure profits or reduce exposure amidst a volatile market environment.
Interestingly, the whale’s selling strategy aligns with the dollar-cost averaging （DCA） method, a common investment approach that involves spreading out purchases or sales over time to reduce the risk of market timing. By selling tokens incrementally rather than in one lump sum, the whale aims to mitigate the impact on SOL’s price, though the sheer volume of sales has still contributed to downward pressure on the token.
Despite these sales, other market participants have taken a contrarian approach. On the same day that the Ethereum whale offloaded $13.2 million in ETH, another wallet purchased 5,000 ETH, equivalent to approximately $12.8 million. This divergence in strategies highlights the complexity of the current market dynamics, where some investors see opportunities while others opt for caution.
As the year progresses, the continued selling by these whales will be closely watched by the broader market. Their actions may provide insight into the prevailing sentiment among large holders and could influence future price movements in both Solana and Ethereum.
解説
- Whale Activity: The significant sales by Solana and Ethereum whales highlight the influence that large holders can have on the market, particularly in terms of liquidity and price stability.
- Market Volatility: The consistent selling by these whales contributes to market volatility, making it important for investors to stay informed about such activities and their potential impact on prices.
- Investment Strategies: The use of dollar-cost averaging by the Solana whale suggests a cautious approach to exiting positions, which may serve as a model for other investors looking to navigate a turbulent market environment.