While the exact intention behind this transfer remains unclear, it is often a precursor to selling. Such large movements can exert downward pressure on the price of SOL. Historically, major sell-offs by whales can lead to short-term bearish trends. However, the impact of this transaction on Solana's price may be temporary.
Despite this large transfer, Solana’s price has shown resilience. At the time of writing, SOL is trading at $178, marking a 3.62% increase in the last 24 hours. The trading volume for Solana has surged by nearly 85%, reaching $3.5 billion. Over the past month, SOL has experienced a notable 32.81% rise, reflecting strong bullish momentum.
The optimistic outlook for Solana is bolstered by recent speculation about the approval of Solana-based spot ETFs. This potential regulatory development could further support SOL’s market performance. As the situation unfolds, market participants will be closely watching how this large transfer influences Solana’s price trajectory in the near term.