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Millions in Solana (SOL) Sent to Coinbase in One Hour, Here’s Price Reaction

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Millions in Solana (SOL) Sent to Coinbase in One Hour, Here’s Price Reaction

Whale Alert, the popular cryptocurrency tracker, which follows large crypto transactions and shares their details with the community, has noticed three hefty SOL transfers made over the past hour.

Aside from that, two big SOL chunks exchanged hands without any trading venues involved. This has coincided with a Solana price increase.

🚨 🚨 🚨 436,720 #SOL (57,677,853 USD) transferred from unknown wallet to unknown wallet

— Whale Alert (@whale_alert) March 1, 2024

Almost $163 million in Solana on the move

The aforementioned data source detected five large Solana transfers, each carrying tens of millions of US dollars in the SOL equivalent. The largest ones carried 449,724 SOL (valued at $60,008,944) and 436,720 SOL (the equivalent of $57,677,853). These two SOL chunks were moved between anonymous cryptocurrency wallets.

Two more transfers, which contained 167,189 SOL (worth $22,241,902) and 93,446 SOL (evaluated at $12,322,070), were deposited to the largest US-based cryptocurrency exchange Coinbase.

🚨 167,189 #SOL (22,241,902 USD) transferred from unknown wallet to #Coinbase

— Whale Alert (@whale_alert) March 1, 2024

Finally, 81,173 SOL worth $10,819,672 was withdrawn from the same crypto trading platform. Overall, almost $163 million worth of Solana has been moved within a single hour.

Solana market performance

From Monday this week until today, SOL has put up a staggering 36.74% increase, following the tremendous rise of the flagship cryptocurrency Bitcoin this week. Having surged from $100.76 to the $137.78 price mark, SOL demonstrated a volatile behavior today, first dropping by 4.22% and then rising and falling once again. The overall decline today comprises 4.77%.

In the meantime, the market’s main catalyst, Bitcoin, has also stopped growing – it has lost 2.85% within the last 24 hours and is trading at $61,474 at press time.