Whales Dump Solana as Bulls Take Another Hit

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.