A major investor in Solana (SOL) has transferred approximately 594,000 coins, valued at around $86 million, to exchanges Coinbase, Binance, and OKX through regular transactions since January. This activity was highlighted by Lookonchain.
A whale sold 594K $SOL($86M) this year!
Since Jan 15, this whale has deposited 594K $SOL($86M) to #Coinbase, #Binance, and #OKX, averaging one sale per week.
The last sale was 16 hours ago.https://t.co/v6mJegPKCa pic.twitter.com/5CU24VPvtt
— Lookonchain (@lookonchain) August 13, 2024
Experts noted that the address averaged one sale per week, with individual transactions not exceeding 20,000 SOL (~$2.8 million).
The address initiated transactions on January 15 when the coin’s price was around $94. During this period, prices surged past $202 before settling near $147 at the time of writing (CoinGecko).
Meanwhile, Lookonchain analysts observed activity from an Ethereum whale from the cryptocurrency’s ICO era, who sent 48,500 ETH ($154 million) to OKX over the past 35 days.
Cointelegraph speculated that both investors employed a DCA strategy. This involves regularly buying or selling an asset in equal portions, mitigating the impact of price volatility.
This approach allows investors to focus on long-term prospects without being swayed by market fluctuations.
In July, SOL, alongside Ripple’s XRP, led the recovery of major cryptocurrencies with growth of 30.5% and 27.6% respectively, according to Binance experts.