Over 580k Solana (SOL) Transferred to Unknown Wallet: Reports

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Over 580k Solana (SOL) Transferred to Unknown Wallet: Reports

New reports reveal a massive Solana (SOL) transfer of over 580k tokens sent to an unknown wallet. Solana has been on an upward trend as its price reached a new yearly high.

At press time, the price of the token is hovering around $92.8 signifying an impressive 14.3% increase in the last 24 hours. Also, SOL has experienced a rise of 26% over the last 7 days.

While traders and enthusiasts are enjoying this new reach, some whales might be making big moves that will potentially affect the price of the token eventually.

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Whale Alert – a blockchain tracker and analytic platform, has reported that it spotted exactly 582,198 SOL tokens transferred from an anonymous wallet. The total value of the coin at the time of transfer was $50,983,065 ($50.9 million).

What is interesting is that the transfer occurred from an unknown wallet to another unknown wallet. This has raised speculations among the crypto community regarding the intent of the transactions.

Since the addresses are unrelated to a cryptocurrency trading platform, this may be an over-the-counter (OTC) transaction, which would account for the significant transfer.

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This transaction is the first major move to be recorded for Solana (SOL) this week, further making the idea of a selloff possible.

Solana (SOL) outperforms rivals

For some months, Solana has been trading behind XRP, however, the latest price surge has seen it skyrocket to the #5 position on the list of top cryptocurrencies by market cap.

Also, in terms of decentralized finance (DeFi) volume surge, Solana is outperforming Ethereum. According to a previous report, Solana has maintained its increase in total DEX volumes ahead of Ethereum as a result of the BONK craze and Inscriptions, which are fostering an unusually positive attitude throughout the network.

Solana (SOL) price today

Over 580k Solana (SOL) Transferred to Unknown Wallet

Source: Coinstats

According to data from Coinstats, the price of Solana is $92.78. What is more, SOL has a 24-hour trading volume of $4,825,896,666 ($4.8 billion) and a live market cap of $39,648,138,149 ($39.6 billion).

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.