Solana News Today: Solana Whales Deposit $40M to Major Exchanges in 9 Hours

In a recent on-chain development, Solana (SOL) whales moved over $40 million in value to major cryptocurrency exchanges within a nine-hour window, signaling increased liquidity activity in the network. According to data from Lookonchain, several large wallets initiated significant deposits to centralized exchanges, with notable transfers to Binance and Kraken [1]. The movement included three major addresses that collectively transferred 226,544 SOL, valued at over $40 million at current prices [1].

One of the largest transfers came from the address CMJiHu, which deposited 96,996 SOL ($17.45 million) to exchanges approximately nine hours ago. Another significant deposit was made by the address 5PjMxa, which moved 91,890 SOL ($15.98 million) to Kraken just three hours ago [1]. Additionally, the wallet HiN7sS sent 37,658 SOL ($6.73 million) to Binance, reportedly securing a profit of $1.63 million [1].

Such movements have sparked speculation among traders regarding potential short-term selling pressure. Large transfers to exchange wallets, as opposed to self-custody addresses, are often viewed as indicators of imminent sales, though not always a definitive sell signal. The timing and volume of these deposits have drawn particular attention from market participants, who are now monitoring exchange order books and blockchain analytics for signs of increased market activity [1].

The overall movement suggests that whales are either positioning for market opportunities or liquidating gains, particularly in light of Solana’s recent upward trend. However, it remains unclear whether these deposits will directly translate into selling pressure on the open market, or if they are part of broader liquidity strategies such as over-the-counter trades [1]. Analysts have not yet issued specific forecasts based on these movements, and no institutional reports have framed this activity as a pivotal moment for Solana’s price action [1].

The development also contrasts with recent whale movements on other chains, such as Ethereum and Dogecoin, which have shown different patterns of accumulation and liquidity shifts. While Ethereum whales moved over $281 million in ETH and Dogecoin whales accumulated 200 million DOGE in a short timeframe, Solana’s whale activity is more focused on increasing exchange exposure rather than long-term hoarding [1].

As the market continues to monitor these developments, traders are likely to remain cautious. The absence of immediate price reactions does not diminish the significance of the transfers, which underscore active positioning within the Solana ecosystem. Whether these movements lead to a breakout or another consolidation phase remains to be seen, but the scale of the transfers clearly indicates a strategic move by large holders [1].

Source:

[1] https://x.com/lookonchain?lang=en

[2] https://blockchair.com/kk/news/dogecoin-whales-bought-over-90-million-doge-in-48h-details--046669a780453901