The Solana Network bubble might be on its way to busting after a whale moved $32.8 million in SOL to Binance on Thursday. Already on a $17 million profit, the smart money whale has sent over 70% of his SOL holding for a possible cash-out.
The whale bought 423,754 SOL on Binance last month at an average price of $66.5 and sent them to his self-custody wallet. Since then, SOL has increased by over 40%, reaching $120 at one point in December before a sideways movement.
The SOL whale still has staked 119,998 SOL, worth $12.44 million at the current market price. Notoriously, the whale also made $453,000 from a similar SOL sale on November 8.
We Dump?
The Solana Network has been on an insane run since October, increasing almost 600% from its closing price in September. Projects on the Solana Network have also seen a huge boost, with tokens like ANALOS, SILLY, and BONK making early buyers millionaires.
SOL also surpassed Ripple’s XRP in market cap and, at one point, moved past Binance Chain (BNB) to claim fourth place as the largest crypto asset in the market before the BNB resurgence. The “Ethereum Killer” saw a trading volume surge and, on December 22, surpassed Ethereum and all other L2 projects combined in DEX volume.
However, SOL has dropped considerably in the past three days, shading almost 20% in that time. With whales also moving SOL to exchanges, a reduction in market cap, and trending narratives on X (formerly Twitter) of a bubble burst, the token might be on its way to a further dip.
Ethereum Surge Next?
Since the declining trading volumes in the Solana Network, Ethereum has significantly benefited from the rotation. Ethereum has reclaimed its place at the top of the DEX volume chart, with $1.635 billion in the past 24 hours.
Ethereum also saw a 4% increase in price on Thursday at press time, trading above $2,380 after hitting $2,440 earlier in the day. Bullish sentiments around the Ethereum network could see the token go higher soon. Lookonchain reported today that a smart money ETH buyer with a 100% win rate has started accumulating the coin, with over 9,000 ETH bought so far.
