{"id":635499,"date":"2024-08-15T06:00:06","date_gmt":"2024-08-15T06:00:06","guid":{"rendered":"https:\/\/uniquehot.com\/?p=635499"},"modified":"2024-08-14T18:20:38","modified_gmt":"2024-08-14T18:20:38","slug":"solana-whale-sell-offs-1000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana\/solana-whale-sell-offs-1000\/","title":{"rendered":"Solana Whale Sell-Offs Threaten $1,000 Dream, But Fundamentals Remain Strong"},"content":{"rendered":"

A <\/span>Solana (SOL) whale<\/span><\/a> has been offloading a significant amount of its holdings for a while, a move that could significantly impact Solana\u2019s price and the <\/span>projected move to $1,000<\/span><\/a>. Solana\u2019s fundamentals remain strong amid these sell-offs, suggesting that SOL could still enjoy a significant rally.\u00a0<\/span><\/p>\n

Solana Whale Has Sold $86 Million Worth Of SOL This Year<\/h2>\n

The <\/span>on-chain analytics platform Lookonchain<\/span><\/a> revealed in an X (formerly Twitter) post a Solana whale that has sold 594,000 SOL ($86 million) this year. Since January 15, this whale is said to have deposited its Solana holdings to Coinbase, Binance, and OKX, averaging one sale weekly. The whale\u2019s <\/span>last sale<\/span><\/a> came on August 12, when it sold off 5,000 SOL ($720,000).\u00a0<\/span><\/p>\n

Related Reading: Analyst Says XRP Price Will Rally 10,400% To $60, Here\u2019s When<\/a><\/div>\n
\"Solana
Source: CoinMarketCap<\/figcaption><\/figure>\n

On-chain data<\/span><\/a> further shows that this whale only has about 0.1 SOL remaining in its wallet address, meaning that the selling pressure from this particular investor is over. However, the <\/span>Solana meme coin launchpad Pump.fun<\/span><\/a> is another whale the Solana community might have to worry about.\u00a0<\/span><\/p>\n

Lookonchain revealed in another <\/span>X post<\/span><\/a> that the Pump.fun fee account has sold 222,073 SOL for 35.54 million USDC at an average price of $160 in the past three months. Pump.fun still holds a significant amount of SOL that can put massive selling pressure on the token\u2019s price, as <\/span>on-chain data<\/span><\/a> shows that the fee account still holds 274,583 SOL ($39.7 million).<\/span><\/p>\n

\"Solana
Source: CoinMarketCap<\/figcaption><\/figure>\n

These Solana whales offloading their tokens is undoubtedly worrisome, especially considering how this sell pressure could hinder Solana\u2019s projected rise to $1,000. Crypto analysts like Ali Martinez have <\/span>predicted<\/span><\/a> that SOL will reach $1,000 in this bull run. The analyst has gone as far as <\/span>drawing similarities<\/span><\/a> between Solana\u2019s current price action and the 2021 bull run to prove that the token can reach such ambitious heights.<\/span><\/p>\n

Crypto analyst Crypto Kaleo<\/span><\/a> also claimed that $1,000 is a reasonable target for Solana if the token can replicate a similar growth to the one Ethereum enjoyed in the last cycle when it hit an all-time high (ATH) of $4,800.\u00a0<\/span><\/p>\n

Solana\u2019s Strong Fundamentals Still Indicate A Significant Price Rally<\/h2>\n

Solana\u2019s strong fundamentals<\/span><\/a> still suggest that SOL will likely enjoy a significant rally before the crypto token peaks in this bull run, although it remains to be seen if it can reach as high as $1,000. One of these fundamentals is the potential launch of a <\/span>Spot Solana ETF<\/span><\/a> in the United States. The approval of such a fund would lead to new money flowing into the Solana ecosystem.<\/span><\/p>\n

Related Reading: Ethereum Price Ready For 75% Breakout To $4,723, Here\u2019s Why<\/a><\/div>\n
\"Solana
Source: DeFiLlama<\/figcaption><\/figure>\n

Meanwhile, Solana continues to compete with Ethereum in terms of <\/span>decentralized exchange (DEX) volume<\/span><\/a>. <\/span>Data<\/span><\/a> from DeFiLlama shows that $10.126 billion has been traded on Ethereum\u2019s DEXs over the last seven days, while $8.667 billion has been traded on <\/span>Solana DEXs<\/span><\/a> during this period.\u00a0<\/span><\/p>\n

\"Solana
SOL price drops to $144 | Source: SOLUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

A Solana (SOL) whale has been offloading a significant amount of its holdings for a while, a move that could significantly impact Solana\u2019s price and the projected move to $1,000. Solana\u2019s fundamentals remain strong amid these sell-offs, suggesting that SOL could still enjoy a significant rally.\u00a0 Solana Whale Has Sold $86 Million Worth Of SOL This Year The on-chain analytics platform Lookonchain revealed in an X (formerly Twitter) post a Solana whale that has sold 594,000 SOL ($86 million) this year. Since January 15, this whale is said to have deposited its Solana holdings to Coinbase, Binance, and OKX, averaging one sale weekly. The whale\u2019s last sale came on August 12, when it sold off 5,000 SOL ($720,000).\u00a0 Related Reading: Analyst Says XRP Price Will Rally 10,400% To $60, Here\u2019s When On-chain data further shows that this whale only has about 0.1 SOL remaining in its wallet address, meaning that the selling pressure from this particular investor is over. However, the Solana meme coin launchpad Pump.fun is another whale the Solana community might have to worry about.\u00a0 Lookonchain revealed in another X post that the Pump.fun fee account has sold 222,073 SOL for 35.54 million USDC at an average price of $160 in the past three months. Pump.fun still holds a significant amount of SOL that can put massive selling pressure on the token\u2019s price, as on-chain data shows that the fee account still holds 274,583 SOL ($39.7 million). These Solana whales offloading their tokens is undoubtedly worrisome, especially considering how this sell pressure could hinder Solana\u2019s projected rise to $1,000. Crypto analysts like Ali Martinez have predicted that SOL will reach $1,000 in this bull run. The analyst has gone as far as drawing similarities between Solana\u2019s current price action and the 2021 bull run to prove that the token can reach such ambitious heights. Crypto analyst Crypto Kaleo also claimed that $1,000 is a reasonable target for Solana if the token can replicate a similar growth to the one Ethereum enjoyed in the last cycle when it hit an all-time high (ATH) of $4,800.\u00a0 Solana\u2019s Strong Fundamentals Still Indicate A Significant Price Rally Solana\u2019s strong fundamentals still suggest that SOL will likely enjoy a significant rally before the crypto token peaks in this bull run, although it remains to be seen if it can reach as high as $1,000. One of these fundamentals is the potential launch of a Spot Solana ETF in the United States. The approval of such a fund would lead to new money flowing into the Solana ecosystem. Related Reading: Ethereum Price Ready For 75% Breakout To $4,723, Here\u2019s Why Meanwhile, Solana continues to compete with Ethereum in terms of decentralized exchange (DEX) volume. Data from DeFiLlama shows that $10.126 billion has been traded on Ethereum\u2019s DEXs over the last seven days, while $8.667 billion has been traded on Solana DEXs during this period.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":635539,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[12837,89406,86420,83626,89405,85361,86410,83627],"class_list":["post-635499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-sol","tag-sol-news","tag-sol-price","tag-solana","tag-solana-news","tag-solana-price","tag-solusd","tag-solusdt"],"acf":[],"yoast_head":"\nSolana Whale Sell-Offs Threaten $1,000 Dream, But Fundamentals Remain Strong<\/title>\n<meta name=\"description\" content=\"A Solana 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Solana Whale Sell-Offs Threaten $1,000 Dream, But Fundamentals Remain Strong","url":"http:\/\/uniquehot.com\/news\/solana\/solana-whale-sell-offs-1000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/solana\/solana-whale-sell-offs-1000\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/Solana_033d79.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/Solana_033d79.jpeg?fit=1792%2C1024"},"articleSection":"Solana","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["sol","sol news","sol price","solana","solana news","solana price","solusd","solusdt"],"dateCreated":"2024-08-15T06:00:06Z","datePublished":"2024-08-15T06:00:06Z","dateModified":"2024-08-15T06:00:06Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Solana Whale Sell-Offs Threaten $1,000 Dream, But Fundamentals Remain Strong\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/solana\\\/solana-whale-sell-offs-1000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/solana\\\/solana-whale-sell-offs-1000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Solana_033d79.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Solana_033d79.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Solana\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"sol\",\"sol news\",\"sol price\",\"solana\",\"solana news\",\"solana price\",\"solusd\",\"solusdt\"],\"dateCreated\":\"2024-08-15T06:00:06Z\",\"datePublished\":\"2024-08-15T06:00:06Z\",\"dateModified\":\"2024-08-15T06:00:06Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/Solana_033d79.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/635499"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=635499"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/635499\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/635539"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=635499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=635499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=635499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}