A Solana whale recently deposited $10 million on Coinbase, leading many to speculate that they are cashing in on the cryptocurrency’s recent rise. Solana has been one of the best-performing cryptocurrencies in recent weeks, with its value surging over 70% in the last month alone. As the whale’s move suggests, investors are taking notice and making significant investments in the coin. The move will likely lead to increased interest in Solana and could further boost its value in the coming days and weeks.
A large transfer of 537,352 Solana (SOL) tokens worth $10.2 million was made by a whale, believed to be a singular entity or a group of large investors, to Coinbase according to data from Whale Alert. As the transfer occurred, SOL’s price increased by 16%. The whale’s intention for the transfer is unknown, with some speculating that they may have intended to sell the coins. However, the price of SOL continued to rise after the transfer, suggesting that the buying pressure outweighed any potential selling pressure. As of writing, SOL’s price is trading at around $20.46, down 2% in the last seven days.