Whales are offloading Solana (SOL) holdings to what is prospected to be wallets for safe storage. Today (Feb.4, 2025), has seen a total of 5 SOL transfers originating from different wallets. These recent transfers have caused a stir in the market as market participants wonder what’s happening in the Solana network.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 1,189,009 #SOL (250,416,345 USD) transferred from unknown wallet to unknown wallethttps://t.co/FjrguMpR4F
— Whale Alert (@whale_alert) February 4, 2025
Solana Whales Transfer 4,751,158 SOL Tokens
According to one post by Whale Alert, a blockchain data tracker, in one transfer that happened at 8:54 UTC, a whale transferred 1,190,645 SOL valued at $242,492,804 USD. This transfer happened from wallet address 4fnF…JDoH to unknown wallet.
In another SOL transfer happened at 11:14 UTC where 545,281 SOL tokens worth $114,530,747 were transferred from wallet address 212a…PMVG to unknown wallet.
Yet, in another transfer a whale transferred 637,214 SOL worth 133,840,278 USD. This transfer happened from wallet address 27HZ…KTM1 to an unknown wallet and occurred at 11:14 UTC. The third transfer and the second transfer above were only separated by 2 seconds.
The other transfer involved 1,189,009 SOL tokens. These tokens were valued at $250,416,345 as of the time of the transfer. This transfer happened from wallet 2TVa…Vo7L to an unknown wallet at 13:57 UTC.
In the latest transfer that occurred at 14:52 UTC, wallet address qLRK…s6R5 transferred 1,189,009 SOL tokens worth $255,078,377 to an unknown wallet. Nonetheless, the reason behind these whale transfers is unknown.
The recent transfers can be attributed to just whales redistributing their Solana holdings. They can also be dubbed as a security measure as the whales may be moving the funds to cold wallets. `
Solana’s Price Performance As Whales Transfer Tokens
Amidst the crypto crash that took place on Feb. 3, 2025, Solana dipped to a low of $176. However, the coin’s price has turned it around and is currently trading at $212.45 according to data on TradingView. The price indicates a 4.39% increase in the day and further upswing is possible.
According to the chart above, the RSI stands at 47.51 nearing 50 which is considered neutral. This RSI indicates that the Solana is neither oversold nor overbought suggesting a possible consolidation. Solana’s MACD shows a crossover that is slightly bullish but the momentum is weak.
If Solana continues the current upswing, it could soar above $215 which is considered a short-term resistance. However, if prices drop below $205 in the near future, it could test lower support levels. How the market
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