The sixth-largest cryptocurrency, Solana (SOL) is once again making headlines as it experienced a notable 12% decline in the last 24 hours. As of writing, the top five cryptocurrencies have also fallen in the last 24 hours, but SOL has shown one of the highest percentage declines.
Recently, data from Lookonchain has gathered everyone’s attention as a crypto whale address, “H4yiPh,” which made some intriguing moves. The whale initially unstaked 505k SOL, valued at around $31.7 million, and deposited it into platforms like Binance and Kraken. Shortly after, the same whale unstaked a substantial 2.16 million SOL, worth about $128 million, and deposited 312,868 SOL, valued at $18.56 million, into the same platforms.
The whale now holds 863K SOL, valued at $51.5 million, in their wallet, along with 9.86 million SOL in staking. The motive behind these moves remains unknown.
SOL’s move amidst broader Cryptocurrency downturn
This major move on the SOL network coincided with a fall in the SOL market yesterday. The current market sentiment is negative, with the majority of top cryptocurrencies experiencing declines. This move in SOL raises questions among holders about whether the price will pump or dump.
Solana, earlier in the top 5 cryptocurrencies in terms of market capitalization, was affected by the FTX and LUNA crash, which impacted the overall cryptocurrency market. However, Solana is now poised for a comeback in the cryptocurrency realm.
Understanding the market correction
The overall crypto industry is falling, but this does not necessarily mean we will experience a pump and dump. It might be a market correction, as Solana has been among the top performers in the altcoin space in the last 30 days, showing a staggering 150% increase.
Recently, Cathie Wood, the American investor, founder, and CEO of ARK Invest, one of the biggest asset managers, praised Solana. She mentioned that Solana is doing a great job in the Web3 landscape and compared SOL with Ethereum (ETH), stating that it is faster and cheaper than both ETH and Bitcoin (BTC).