Despite July gifting Solana’s (SOL) community two new milestones, some large investors are holding back. Recently, two massive whales have been flagged by the blockchain sleuths due to massive SOL withdrawals from staking platforms, even though Solana’s Layer-1 is thriving with activity like never before.
Last month, the arguably quickest Layer-1 chain’s speed accelerated to 1,318 transactions per second (TPS), claiming a new all-time record. Meanwhile, Solana’s decentralized finance (DeFi) ecosystem has been thriving with $28.8B locked in TVL, but that didn’t stop crypto whales from dumping.
Solana Whales Retreat: Top Called?
In one such case spotted by LookOnChain, a Solana crypto whale, later identified as Galaxy Digital, deposited 250K SOL tokens to Binance after unstaking it. If it’s unclear if this popular capital market company is calling the top, then another instance by OnChain Lens tells it all.
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One crypto whale waited two months to unstake their 30,010 Solana tokens before sending it to Binance. Right now, this multi-millionaire crypto investor still holds 1.1M SOL coins, worth nearly $182 million in crypto staking. Moreover, this whale has been gradually taking profits in the past quarter, unstaking 205K SOL tokens in this period.
The main question is, are other Solana crypto whales sharing the same strategy of accelerated profit taking? Judging from the Chaikin Money Flow (CMF) & the Money Flow Index (MFI), two key whale behavior-tracking trading devices, the current $163 price range hints at slight bear advantage.
While the CMF meter sank slightly below zero today, the MFI indicator, which works similarly to the Relative Strength Index (RSI), has pushed the scales above 60, signaling overbought SOL price condition. At the time of publication, the mainstream Layer-1 altcoin is trading at $163.50, soaking up the market uncertainty with a 8.6% downturn in 7 days.
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People Also Ask:
Solana’s network hit record non-voted transactions and true TPS (1,318) in July, driven by strong DeFi, NFT, and app growth like PumpFun and Jito.
Yes, some whales are selling, with millions in SOL moved to Binance, like Galaxy Digital’s $40.7M unstake, signaling caution.
No, some whales are buying the dip, like a $12M SOL purchase restaked on Kamino Finance, showing mixed strategies.
SOL’s price dropped 8.6% in a week due to whale sell-offs, competition from Hyperliquid DEX, and delays in the Firedancer client.
Continued DeFi and app growth could push SOL’s price back above $200 if this key support holds; otherwise, it may drop to $140.
