- Unconfirmed Bitcoin ETF rejection rumors paint the crypto markets red.
- SOL and MATIC both plummeted double-digits upon BTC’s drop to $42,000.
- Polygon’s $1 reclaim falls short despite whales showing accumulation signs.
Betwixt an unfolding Wednesday crypto crash drama, several crypto whales stepped in to make large moves on-chain. The top-performing large market-cap altcoin Solana (SOL) is involved in three large transactions spotted by WhaleAlert, with the crypto community on X guessing the reasons.
Firstly, one whale shifted 600,502 SOL between two unlabeled crypto wallets. Mounting to $65,209,113 at stamped transaction time, this move precluded another 200,000 SOL from being moved from Bybit to an untagged decentralized wallet. Equaling $21,805,921, this particular transaction was deemed as an accumulation move by most crypto traders on X.
Crypto Whales Playing the Long Game?
The two colossal SOL whale transfers came amid a 13% decrease in Solana’s price after a tremendous bull run to $116.26. Despite today’s crypto crash due to Bitcoin ETF rejection gossip, Solana found a critical support level at $93 and recouped back to $100.07 three hours after the lapse.
Sponsored
In another unusual transaction, one Polygon whale sent 7,605,817 MATIC tokens to Polygon Staking to earn a yield on the accumulated MATIC. While whale moves are usually deemed bullish because these coins are eliminated from circulation, the shift has had no positive effect on Polygon’s price.
At the time of publication, Polygon (MATIC) trades at $0.852935, with a sharp drop of 13.6% in the last 24 hours. Polygon Layer-2’s native coin found support at the $0.83 price area, but the road to reclaim $1 once again could be bumpy, as the $1 barrier inflicts selling pressure due to investors seeking to break even. At the current price range, 30% of MATIC holders are making a profit, according to IntoTheBlock.
On the Flipside
- Wednesday’s crypto meltdown erased most of Polygon’s (MATIC) gains from December, leaving a 6.6% upswing in the last 30 days.
- Solana reached a yearly high of $116.26 last week and is still 60.5% up monthly, with a whopping 696.5% yearly gains.
Why This Matters
Cryptocurrency whales are usually one step ahead of the markets, tending to make big moves in volatile conditions.
Sponsored
Discover DailyCoin’s latest cryptocurrency news:
New IRS Crypto Law Targets Traders with Ambiguous Tax
Etherscan Acquires Solana’s Solscan.io in Expansion Strategy
