solana Whales Move $323 Million, Signalling Quiet Optimism amid Market Turmoil
Solana’s SOL price took a hit on Friday, following Israel’s airstrikes on Iran. The token fell over 10%, from $160 to a low of $140, but later recovered slightly to $147. The market downturn led to $18 million in SOL liquidations.
Amid this chaos,large holders moved $323 million worth of Solana tokens between private wallets. This off-exchange activity, representing 15% of the daily trading volume, suggests either secret buying or portfolio adjustments by institutional players.
These moves contrasted sharply with retail traders, who sold off their positions. On June 13, there was a net outflow of $35 million from exchanges, indicating that more SOL was moving to safer storage. This is usually a positive sign when prices are weak.
Different market segments gave mixed signals. Futures traders cut positions as open interest fell 13%, while options traders increased activity by 93%. These trends hint at short-term hedging strategies by options traders.
corporate SOL holders, like DeFi Development Corp, also show confidence. They recently got a $5 billion credit line to buy more SOL and introduce staking products.
While the market remains uncertain, these institutional moves hint at underlying strength in Solana. Though SOL prices shook, its fundamentals appear solid.
