In the past few days, the momentum of the entire crypto market has turned extremely bearish, and Solana has not been spared either.

In this sudden market fluctuation, Solana and other major crypto assets have continued to experience significant selling pressure. Whale Alert revealed a transaction data point, which may represent a large-scale sale by a whale investor.

Solana Demand Stagnation

According to the data, an unknown address transferred a total of 470,087 SOL to the leading American cryptocurrency exchange Coinbase, which is worth over $51 million at the current price of Solana.

This large-value Solana transaction was completed in a single transfer, and considering the timing of its occurrence, it did not go unnoticed by the market, attracting the attention of market analysts.

Although the intention behind this transfer was not explained, market participants believed that it was intended for selling, as tokens are usually transferred to trading platforms such as Coinbase for sale.

The timing of the transfer has also sparked speculation: traders may have chosen to exit the market cautiously due to the current market volatility.

Solana is still below $110

Although it once rose to around $123 earlier this month, the momentum of the Solana ecosystem significantly weakened after a sudden and substantial price drop, falling to around $105 about two days ago.

Since this significant decline, Solana has been trading below $110. The sudden reversal in price caused panic among traders, who continued to exit their positions.

Despite the continuous occurrence of large and small amounts of Solana being transferred into exchanges in the market, the possibility of Solana regaining its recent highs is becoming increasingly slim.