The crypto market has gone through another shockwave recently as the bearish momentum has further deepened. As per the data from Lookonchain, crypto whales are dumping Solana ($SOL) as the bulls have witnessed another hit. The popular on-chain analytics platform disclosed this downturn in its recent X post.
Whales Aggressively Offload $SOL, Increasing Fear Across Market
Based on the latest market data, the crypto sector went through a severe plunge last night with Bitcoin ($BTC) seeing considerable value decrease. In this respect, Bitcoin’s price dipped to $76,000 overnight. In the mean time, SOL fell as low as $101.49. This marks another disappointment for the bulls expecting a rapid recovery. However, it was not only Bitcoin, as the well-known crypto projects like Solana ($SOL) also recorded enormous offloading. This has raised the fear across the crypto market.
Lookonchain’s analytics point out that a couple of noteworthy whales have started rapidly dumping the $SOL coins in their asset holdings. Hence, the wallet with the address 4W1Re…..SyFLC” at once unstaked a staggering 159,028 $SOL. This amount equals $16.5M in cumulative value. Subsequently, the wallet also sold 60,000 $SOL (denoting $6.13M) at $102 as the average price.
Massive $SOL Sell-Offs Highlight Potential for Further Downside amid Rising Market Uncertainty
According to Lookonchain, the 2nd whale wallet “5cPair…..4KNpP” sold a total of 89,734 $SOL coins at an average price of $108 per coin. This figure accounts for $9.67M in value. Both the above-mentioned whale offloading of $SOL has triggered the speculation concerning a further downtrend in the near term. However, there is also a possibility for the prominent crypto coin to make a comeback to surprise the market observers. In the meantime, traders are keenly observing the further indications of a further fall or a surprise rebound.
