A major Solana ($SOL) whale has returned to the spotlight after transferring substantial funds to Binance in two separate batches.

A recent on-chain analysis by Lookonchain reveals that a whopping 202433 SOL worth more than $24 million has been transferred to the exchange in a very short time.

A major Solana ($SOL) whale has returned to the spotlight after transferring substantial funds to Binance in two separate batches.

Recent on-chain analysis by Lookonchain has revealed that a staggering 202,433 SOL—worth over $24 million—has been transferred to the exchange over a short period of time. The first transaction saw a deposit of 71,448 SOL, amounting to $8.54 million, while the second installment was for 130,985 SOL at $15.5 million.

However, the whale has kept staking positions in 568,000 SOL, which at present is equivalent to about $68 million at the current SOL price. This implies a planned liquidation rather than an exit plan.

Nevertheless, such substantial inflows also carry implications for selling pressure on investors and affect overall market morale.

Price Drops As Net Outflows Rise

Solana is currently trading at $118.91, showing a daily increase of 5.14% and registering a 117% surge in daily trading volume to $6.43 billion. It now has a market capitalization of $60.95 billion. However, overall market indicators are displaying some cautionary signals.

According to exchange data, negative netflows have risen noticeably in recent periods, with more SOL leaving wallets than entering. Coinglass data highlights this with a red bar, which in recent days has been continuously present, denoting that outflows outweighed inflows.

Typically, these outflows suggest heightened demand for self-warehousing or long-term storage. But when combined with large exchange inflows from whales, the trend points toward bearish pressure in the short term and bullish potential in the long term.

Meanwhile, volume activity from CryptoQuant indicates widening trading range boundaries with volatility in hand, pulling SOL down from the $200 zone earlier in the year. The current candle patterns show high volatility, which can be described as typical after significant transfer agreements and in the overall market trends.

Profitability Metric Shows Bearish Shift

According to data from Glassnode, the situation looks quite bleak for holders. The proportion of addresses in profit has decreased noticeably, aligning with the present Solana price movements. Previously, many wallets reached $200-$250, but now fewer tend to have this level of profitability.

This decline in the level of profitability can affect retail activity. With a high chance of investors making losses, selling pressure is also expected to build up as prices continue to decline. On the other hand, whales may see this as an opportunity to buy at a lower price level and potentially benefit from the selling frenzy caused by the panic signals.

PayPal Expands Crypto Access With Solana

Payments giant PayPal has included Solana and Chainlink ($LINK) among the cryptocurrencies available for its users in the United States and its territories. The new addition is available in the company’s help center and expands the existing payments with Bitcoin ($BTC), Ethereum ($ETH), Litecoin ($LTC), Bitcoin Cash (BCH), and PayPal USD ($PYUSD).

Although there is no official announcement about the Solana and link assets, the developer portal, last updated in November 2024, indicates that they are live. The tokens associated with these securities are available for purchase, selling, and holding through PayPal.