$320 Million In Solana (SOL) Moved in Mere Hours, What’s Happening?

As the crypto market continues to see the price of top assets slump harder on June 12, massive crypto transfers involving large amounts of tokens have sparked more concerns. 

Specifically, large SOL transfers have been spotted during the later hours of the day, according to recent data from on-chain monitoring firm, Whale Alert.

960,000 SOL births new whale

According to the data provider, the large SOL transfer saw a total of 2,023,142 SOL transferred in just about two hours. The transfer, which was worth over $320 million, was conducted among unknown wallets, sparking curiosity among investors.

The data shows that the large SOL transfers happened in two separate transactions, with the first transfer carrying the largest amount of SOL (1,063,142 worth over $169 million).

The second transaction, on the other hand, involved the transfer of 690,000 SOL worth over $154 million to a new wallet, which was created just an hour before the transaction was executed.

While each of the transfers was sent from unknown wallets to an unidentified destination, commentators have expressed curiosity about the reason behind the mysterious large transactions.

Nonetheless, the anonymous nature of this massive SOL transfer has caused crypto holders to wonder if it could be a sign of continued volatility, as the crypto market has continued to see the prices of cryptocurrencies plunge deeper while returning to previous lows.

Following the negative price action witnessed across the crypto market today, commentators are more confident about the mystery transactions being conducted by bearish whales. Notably, the token has seen its funding rate plunge deeper, suggesting that bulls might be exiting the market.

SOL falls 6%

While the mysterious SOL transfers appear unusual, they have come at a time when the broad crypto market is experiencing a massive bloodbath, with the prices of top cryptocurrencies projecting significant 24-hour losses.

The bearish trend did not leave SOL out of the list, as the leading altcoin has declined massively by 6.31% over the last day, according to data from CoinMarketCap.

Following this massive price plunge, SOL is trading at $152.76 as of press time. Usually, significant price drops like this, accompanied with untraceable large transfers often indicates increasing attempts among high profile investors or institutions to sell off their tokens.