Solana Whales Move $158.86 Million to Coinbase as Market Tumbles

Whales have transferred 806,711 SOL tokens valued at $158.86 million to Coinbase amid a price drop below $200. The surge in whale activity coincides with bearish market sentiment, but SOL has shown some resilience with a 0.14% increase in the past 24 hours.

Whale Alert: Solana Whales Send $158.86 Million to Coinbase Amidst Market Decline

A massive transfer of 806,711 Solana (SOL) tokens, valued at approximately $158.86 million, has been detected from four whale addresses to the Coinbase exchange, according to data from Whale Alert. This significant movement occurred on April 1st at around 09:00 UTC.

The large-scale whale activity coincides with a sharp decline in the price of Solana, which has fallen below the $200 mark amidst a broader bearish sentiment in the crypto market. Despite a slight recovery in recent hours, SOL is still trading below the pivotal $200 level.

Notably, SOL briefly touched a local high of $204 on April 1st for the first time in two weeks, but this rally proved short-lived. Analysis by Santiment reveals that Solana's total open interest (OI) has surged by $120 million in the past day, rising from $2.36 billion to $2.48 billion. Higher OI typically indicates increased price volatility as liquidations can occur more frequently.

However, a decline in the total funding rate for SOL, which has fallen from 0.06% to 0.05% in the past 24 hours, suggests that the number of traders betting on a further price hike has decreased. This shift indicates a slight increase in short trading contracts.

Furthermore, Santiment data shows that SOL's Relative Strength Index (RSI) has plunged to 53 for the first time since February 28th. This technical indicator measures the momentum of an asset and indicates that the recent enthusiasm around Solana has cooled down.

For SOL to maintain its bullish momentum, its RSI needs to remain below the 60 mark. However, the current level of 53 suggests that the asset could potentially enter another accumulation phase.

As the crypto market continues to navigate uncertain conditions, investors should closely monitor market developments and whale movements to make informed trading decisions. The recent transfer of SOL to Coinbase highlights the continued scrutiny of high-value transactions by whales, who can influence market dynamics with their large holdings.