Solana has reached a significant milestone by surpassing the $200 mark, but this achievement is accompanied by a noteworthy event: whales are starting to cash out. A whale, identified as “BU6N2Z,” has sold a massive 200,000 SOL, equivalent to around $39.85 million, on Binance within the past 48 hours. Despite this substantial sell-off, the address still holds an impressive portfolio of 1.62 million SOL, valued at approximately $323 million. Out of this amount, 387,000 SOL, worth $77 million, remains in their wallet, while a staggering 1.23 million SOL, equivalent to a remarkable $246 million, is staked.
The surge in whale activity aligns with Solana’s remarkable ascent in value during the past week. Starting at $136.49, SOL has experienced a surge to reach $201, breaking the $200 threshold for the first time since November 2021. This surge of nearly 40% has propelled Solana’s trading volume on-chain to unprecedented levels, surpassing that of Ethereum and its layer-2 counterparts, such as Avalanche and Optimism, combined.
Furthermore, Solana’s market capitalization has exceeded $90 billion, consolidating its position as one of the top 200 companies globally in terms of size. This surge in market capitalization emphasizes Solana’s growing dominance in the crypto space and its emergence as a robust competitor against established players like Ethereum.
The presence of whales divesting their holdings amidst Solana’s bullish rally adds an intriguing aspect to the story, suggesting that even with soaring prices, large investors are eager to capitalize on profits. As Solana continues to make significant headway in the crypto market, all eyes are focused on how these developments will shape its future trajectory.