Morgan Stanley transferred 48,828 $SOL to Coinbase Prime, worth $4.01 million. The number sounds scary, but for SOL, it really isn’t much 😳
Coincidentally, the timing is notable: $SOL has already fallen below the previous 30-day low of 85.02, lower than at any point in the past month. When coins move onto an exchange, most people’s first thought is that someone’s about to sell. But this amount isn’t enough to push the price down—the price had already started weakening on its own.
$BTC and $ETH were also trending down during the same period, and the broader market was weak overall. Whether these coins are being repositioned or are about to be sold, watching what that address does next will tell us more than this news alert itself.
#SOL
Coincidentally, the timing is notable: $SOL has already fallen below the previous 30-day low of 85.02, lower than at any point in the past month. When coins move onto an exchange, most people’s first thought is that someone’s about to sell. But this amount isn’t enough to push the price down—the price had already started weakening on its own.
$BTC and $ETH were also trending down during the same period, and the broader market was weak overall. Whether these coins are being repositioned or are about to be sold, watching what that address does next will tell us more than this news alert itself.
#SOL
