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SOL Whales transferred more than US$51 million worth of SOL to Coinbase, with prices under US$110.
Blockchain tracking platform Whale Alert reported that an undisclosed wallet transferred 470,087 SOLs worth more than US$51 million to the Coinbase exchange. At the same time, as selling pressure in the broader cryptocurrency market has increased significantly, Solana has fallen nearly 15% from an October high of $123 and is now approaching $105.
SOL is struggling below $110. Although the coins that have been cleared and transferred have not yet been confirmed, the giant whale's deposit of Coinbase has raised concerns about potential selling pressure.
Huge transfers attract market attention
This large-scale transfer occurred at a time when market volatility intensified. At that time, many major cryptocurrencies recorded losses and investor confidence was low. Typically, deposits on large exchanges attract a lot of attention because holders can use trading platforms to clear large amounts of cryptocurrency positions. However, online records did not confirm whether the undisclosed holder intended to sell the transferred Solana tokens.
Whale transfers heightened selling concerns during the market downturn
Whale Alert reported that the undisclosed wallet transferred 470,087 SOL items to Coinbase via a single blockchain transaction. The transfer involved assets worth more than US$51 million and was a significant development in Solana's recent market decline.
Cryptocurrency investors often pay close attention to deposits on large exchanges because such transactions often signal large-scale selling activity on trading platforms. Therefore, this trend has attracted widespread attention as Solana strives to maintain recent trading support.
Meanwhile, SOL has been under significant downward pressure since hitting a high of about $123 in early October, reflecting weakness in the broader cryptocurrency market. Subsequent sell-off pushed the asset lower to around $105, down nearly 15% from its previous monthly high.
The cryptocurrency's failure to regain the $110 mark has traders watching closely whether buying can support another attempt at rebound. Despite concerns surrounding the transfer, existing online information does not indicate that the giant whale has executed any cryptocurrency sales. The transaction may also involve custody arrangements, portfolio adjustments or other exchange activity that is not related to immediate liquidation.
Solana prices continue to be under pressure below US$110
Solana's recent decline has brought more attention to the key US$110 level, which remains above its current trading range. During this decline, the cryptocurrency approached $105, highlighting the severity of its recent price decline.
In addition, the reported Coinbase deposits add another major deal to Solana's weak performance of market activity. The whale's intentions have not yet been made public, and the transfer itself has not confirmed that the sale has been completed or led to further market clearing. Solana remains below its previous monthly high, with the $110 level becoming a key reference point for measuring recovery.
