- A whale’s $17M SOL sale adds to market pressures.
- Solana sees a 10% price drop amid $57M long squeeze.
- No official comment from Solana leadership on the sell-off.
A cryptocurrency whale dumped $17 million worth of Solana (SOL) tokens on major exchanges, leading to a record $57 million long squeeze and significant market bearishness.
The massive sell-off has intensified bearish sentiment, causing Solana’s price to potentially plummet to $120, impacting related assets and influencing broader market dynamics.
The Solana market is under intense scrutiny after a whale reportedly sold $17 million worth of SOL. This action coincided with a record long squeeze of $57 million, leading to increased speculation on further price declines.
An unknown whale is identified as transferring 108,016 SOL to major exchanges. Despite the surge in activity, Solana’s leadership, including Anatoly Yakovenko and Raj Gokal, has not issued any official statements acknowledging the event or detailing its implications.
The sale has affected Solana’s price, revealing a sharp fall by 10% and sparking heightened bearish sentiment. Broader market indicators showed related shifts, affecting related cryptocurrencies like XRP, BTC, and ETH.
Financial implications include a noticeable drop in Total Value Locked and negative funding rates, influencing leveraged positions. The community sentiment indices from CFGI show a downturn, underscoring the broader market’s negative outlook.
As of the latest information available, there are no officially sourced quotes from Solana leadership or major crypto opinion leaders (KOLs) regarding the recent whale activity and market impacts.
Historically, similar occurrences have led to rapid market rebounds, depending on macroeconomic news and network developments. However, sustained whale selling and negative funding rates could signal a prolonged downturn for Solana.
While no regulatory interventions are present, analysts track technology and industry trends to predict recovery. Historical trends suggest that persistent downturns follow major liquidations, with potential rebounds linked to macroeconomic conditions. Lookonchain sharing insights on market trends and crypto analysis
