• Close to 80 SOL tokens have recently moved to an exchange.
• SOL has moved to its highest point since 2022.

Solana [SOL] has recently witnessed price surges, reaching levels reminiscent of 2022.
Capitalizing on this newfound uptrend, a substantial amount of SOL was transferred by a whale to an exchange, presumably for sale.
How does the volume associated with this whale movement compare to the daily trading volume recorded in the past 24 hours?

Solana whale eyes profit

As per a Whale Alert tweet dated the 2nd of March, a Solana whale was strategically positioning itself for profit-taking.
The unidentified wallet transferred 79,983 SOL, equivalent to nearly $10.3 million, to the Coinbase exchange.

This move by the whale aligned with expectations, considering the consistent upward trends observed in SOL over the past few weeks.

SOL climbs to its highest in close to two years

AMBCrypto’s analysis of Solana’s performance on a daily timeframe showed a remarkable surge of over 30% in the past week. This upward trajectory drove SOL to a price level reminiscent of April 2022.
As of the conclusion of trading on the 2nd of March, SOL settled at around $130, registering a modest increase of less than 1%.
This price range was significant for SOL, as it did not reach the $130 mark throughout 2023.
Source: Trading View
The consistent upward movement in SOL’s price led to its entry into the overbought zone on the Relative Strength Index (RSI).
However, the RSI has since dipped below the overbought threshold, reflecting the declining price trend experienced by SOL.
At the time of this writing, SOL was trading at around $125, reflecting a decrease of over 3%.

Solana volume drops but assimilates whale sales

Examining Solana’s volume on Santiment showed that it concluded February with an impressive surge, achieving its highest volume in months, totaling over $7 billion.
However, the volume has experienced a subsequent decline and was around $2.4 billion at press time. 
Source: Santiment
AMBCrypto’s additional look at the volume trends showed that the daily volume absorbed the significant whale volume observed in a previous move.
Nevertheless, the price drop, as noted at the time of this writing, suggested an increased dominance of sellers in the market.

Is your portfolio green? Check out the SOL Profit Calculator

Solana TVL sees yearly highs

Solana’s The Total Value Locked (TVL) had witnessed a significant upswing, as shown by DefiLlama. Notably, the TVL had surged from around $1.4 billion on the 27th to over $2.5 billion at press time.
This marked the first time since 2022 that the TVL has reached the $2 billion threshold.

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SHIBA INU

SHIB pumps hard as whales take center stage

2min Read
SHIB has entered the "Extreme Greed" phase, which could result in a higher rally.

Aniket Verma
Journalist
Edited By: Saman Waris

Posted: March 4, 2024

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• SHIB holders had unrealized profits of over 31% on average.
• The rally caused a sharp spike in the movement of coins lying idle for over a year.

The meme coin landscape turned hot last week, with nearly all high-cap and mid-cap assets posting significant gains.

Shiba Inu holders’ profits soar

Amidst the broader market rally, the second-largest meme coin Shiba Inu [SHIB] spiked 118% over the week, visiting levels not seen since May 2022, per CoinMarketCap.
The price hike resulted in a sharp jump in the network’s overall profitability. At press time, SHIB holders had unrealized profits of over 31% on average, AMBCrypto’s analysis of Santiment’s data revealed.
Source: Santiment

Whales get to work

Naturally, the lure of high profits garnered the attention of wealthy investors, also referred to as whales in the crypto parlance.
As per a recent post by on-chain analytics firm Scopescan, a whale deposited 365.36 billion SHIB tokens, worth nearly $7.4 million at the press time market price, to cryptocurrency exchange Binance [BNB].
Typically, such large inflows to exchanges imply an intent to sell.
The concerned whale had accumulated SHIB tokens three months ago at a much lower price. With the latest sale, it was expected to make profits of about $4.5 million.
However, this was not a one-off occurrence. Whale transactions across the board spiked dramatically on the 2nd of March, as evident from Santiment’s graph below.
In fact, the transaction count of 1791 was the highest since the peak bull market phase of November 2021.
Following the transaction spike, addresses belonging to large whales dropped significantly, suggesting that many of these players took profits.
Source: Santiment

Dormant supply becomes active

Another interesting aspect of the rally was how it activated dormant coins. A whopping 22 trillion SHIB tokens that didn’t move for more than a year were transacted on the 2nd of March.
This movement of previously idle coins reflected a state of bullishness towards SHIB.
Source: Santiment

Read Shiba Inu’s [SHIB] Price Prediction 2024-25

Meanwhile, the SHIB market entered the “Extreme Greed” phase, AMBCrypto noted using Hyblock Capital’s data.
This could potentially pave the way for stronger accumulation in the days to come, thereby pumping SHIB’s price further.
Source: Hyblock Capital