Whale Transfers Solana Tokens

A whale has gained significant attention after transferring large amounts of Solana (SOL) tokens from a centralized exchange (CEX) and selling them on a decentralized exchange (DEX).

> A whale withdrew 59,406 $SOL from #Kraken and sold it on DEX for 7.47M $USDT at an average price of $125.8. Source
> — Lookonchain (@lookonchain) March 19, 2025

Whale Made $7.47 Million in This Trade

According to a post by Lookonchain, the whale withdrew 59,406 SOL tokens from Kraken, selling them on a DEX at an average price of $125.8. This trade netted him $7.47 million USDC.

The whale’s actions indicate that significant investors are offloading part of their SOL holdings for profit-taking. This trading activity demonstrates the flexibility and liquidity DEX platforms provide, enabling large transactions without intermediaries. The transfer from a CEX to a DEX suggests a strategic approach to leverage peer-to-peer trading for increased profits.

The $7.47 million sale illustrates the investor’s confidence in the current market price of SOL. It also emphasizes the growing adoption of DEXs for large-scale transactions.

However, the liquidation of such a large amount of Solana on a decentralized exchange raises concerns about its potential impact on SOL’s price. While the sale has not caused immediate market changes, it underscores how whales can influence market dynamics.

Solana Price Updates

Today, SOL has seen a 0.5% increase in price over the past 24 hours and a 3.4% increase over the past week, reflecting a bullish sentiment surrounding the asset’s short-term prospects. This growth coincides with an uptick in long positions and heightened market activity.

Traders are increasingly creating leveraged long positions in Solana, indicating optimism for a price rebound, as evident from SOL’s price movements and a surge in open interest (IO), which rose by 1.29% in the last 24 hours. This suggests that derivatives traders are investing more funds into Solana in anticipation of price growth.

Currently, SOL’s price is $125.89, nearing a crucial resistance level at $132.6. If it sustains its momentum and demand remains strong, SOL may surpass this resistance zone and aim for the $155 target, pushing towards a more sustainable uptrend.