Whales Are Offloading Despite Solana's Plummet: They Sold Millions of Dollars! - Coin Bulletin

Large investors holding Solana (SOL) have sold millions of dollars in the last 24 hours, causing concern in the market.

According to the latest data shared by the crypto analysis platform Lookonchain, SOL investors are coming into the spotlight due to large-scale sell-offs. Recently, a whale sold 100,000 SOL out of the 1,320,000 SOL it held.

The monetary equivalent of this sale transaction was calculated to be approximately 10.7 million dollars. The same investor unlocked a total of 1 million 320 thousand SOL that he had staked 15 days ago, investing 1 million 200 thousand of them into the Kamino platform in exchange for a loan worth 20 million dollars in USDC. Experts believe that the sale conducted by the whale was most likely aimed at repaying the loan it had taken.

Another whale recently withdrew the stake of 159,028 SOL and sold 60,000 SOL at 102 dollars, earning approximately 6.13 million dollars. During the same period, a different investor also sold 89,734 SOL at 108 dollars about 14 hours ago, generating approximately 9.67 million dollars in cash inflow.

The increasing selling activities of large investors may heighten short-term downward pressure in the market. It is noted that these transactions could increase volatility in the Solana price and that small investors should be cautious.