Multiple Whales Move SOL Worth $1B – Market Shift Ahead?

• Whale accounts moved SOL by staking, unstaking, and transfers between exchanges and wallets. 
• A whale created a wallet and withdrew 96,180 $SOL and staked them all with JitoSOL.
• Five whale accounts unstaked 5.52M $SOL and 3.54M $SOL was deposited into Coinbase Prime. 

According to Lookonchain, on February 28, 2025, 500,000 $SOL were transferred from Bybit to an unknown wallet. This movement suggests initial activity by a whale, possibly repositioning assets. Later, a significant action was reported where a whale created a wallet with the address jHd7X, and withdrew 96,180 $SOL from Binance, and staked it all with JitoSOL. 

Following this, a whale AHdUMw…qMnj withdrew 54,544 $SOL and another account 7i6FUR…kp5J withdrew 41,096 $SOL and staked it. Before the events progressed, five whale accounts unstaked a total of 5.52 million SOL, and deposited 3.54 million SOL into Coinbase Prime. This unstaking and depositing to an exchange could indicate preparation for selling, in response to market conditions. During this period, 2 million SOL were transferred from Coinbase Institutional to an unknown wallet, indicating the same activity. 

$SOL Surge Due to Whale Activities

The consequences of the whale activities have resulted in a 13% surge in SOL’s value, which is currently standing at $144.66. This is accompanied by a 7.59% increase in market cap, which is $2.38T. This is a clear sign that these big players are confident in Solana’s growth. These sequence of events reveals a dynamic market for SOL, with whales engaging in both staking and unstaking strategies. 

Related: Solana Hits 3-Month Low in Sentiment as Bearish Talks Grow.

The unexpected transfer from Coinbase Institutional to an unknown wallet during the unstaking period adds complexity to interpreting the overall market sentiment, as it suggests both confidence and caution. From a technical perspective, the Relative Strength Index (RSI) for $SOL stands at 33.06, indicating that the asset might be approaching an oversold point. The Moving Average Convergence Divergence (MACD) shows a bearish sentiment suggesting further downward momentum. 

Source: Trading View

These large withdrawals, deposits, and institutional interest in Solana indicate that SOL could experience a major change. Whether the whales are strategizing for a price increase or just repositioning their assets, this might be the beginning of something bigger.

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