#sol
Why Solana’s $149M whale deposits complicate SOL’s recovery
Solana faced fresh selling pressure as a mysterious whale deposited 1.49 million $SOL , worth $148.77 million, across multiple exchanges within 10 days.
Lookonchain reported on X that the whale dumped considerable $SOL holdings to various major trading platforms, raising concerns about potential liquidations. These deposits raised concerns about potential selling, even though exchange transfers alone did not confirm completed sales.
Additionally, the whale’s activity introduced another concern for buyers who were already struggling to absorb the persistent selling pressure.
In particular, the selling pressures also extended beyond the mysterious whale as Solana’s exchange flow data revealed token inflows.
As per CoinGlass analytics, $SOL Spot Netflows had turned positive, reaching $6.29 million at the time of reporting, November 2.
Notably, the exchange flows had previously fluctuated between inflows and outflows, which reflected inconsistent demand across the spot market. The most recent positive reading, however, coincided with significant whale deposits, raising concerns around further selling supply.
These rising exchange balances could make further declines more likely in case the holders decide to liquidate their positions.#Write2Earn #solana $SOL
Why Solana’s $149M whale deposits complicate SOL’s recovery
Solana faced fresh selling pressure as a mysterious whale deposited 1.49 million $SOL , worth $148.77 million, across multiple exchanges within 10 days.
Lookonchain reported on X that the whale dumped considerable $SOL holdings to various major trading platforms, raising concerns about potential liquidations. These deposits raised concerns about potential selling, even though exchange transfers alone did not confirm completed sales.
Additionally, the whale’s activity introduced another concern for buyers who were already struggling to absorb the persistent selling pressure.
In particular, the selling pressures also extended beyond the mysterious whale as Solana’s exchange flow data revealed token inflows.
As per CoinGlass analytics, $SOL Spot Netflows had turned positive, reaching $6.29 million at the time of reporting, November 2.
Notably, the exchange flows had previously fluctuated between inflows and outflows, which reflected inconsistent demand across the spot market. The most recent positive reading, however, coincided with significant whale deposits, raising concerns around further selling supply.
These rising exchange balances could make further declines more likely in case the holders decide to liquidate their positions.#Write2Earn #solana $SOL
