Source: Cryptographic Yao

According to Lookonchain's data, major Solana whales (possibly an institutional entity) have been liquidating their holdings of assets in 2024.

Since January 1st, this whale has sold 695,000 SOL, worth $99.5 million. This steady selling activity reflects an average of 19,306 SOL per week, or $2.76 million.

Despite the extensive sales, the entity still holds an important position in Solana, currently holding 1.88 million SOL, worth approximately $0.25589 billion.

Ongoing transfer and staking activities.

The recent transactions of this whale include significant withdrawal transfers, such as 7,500 SOL, 12,500 SOL, and several transfers of 10,000 SOL. These movements indicate rigorous management of its Solana assets.

Furthermore, large users have been actively withdrawing staking rewards, as evidenced by the 'withdraw staking' behavior, with amounts such as 20,000 SOL being withdrawn under different circumstances.

Speculation within the community.

The motivations of this whale and its potential impact on the Solana market performance have been hotly discussed in the crypto community.

It is worth noting that some commentators are concerned that these large-scale sell-offs may put downward pressure on SOL. One observer pointed out that the whale may "surge again and take profits", indicating that the whale may be adopting a profit-taking and reinvestment strategy.

Another commentator expressed concerns about the broader market impact, noting that such sell-offs could lead to an economic downturn, but acknowledging that the whale still holds a significant amount of Solana shares.

Recent performance of the Solana market

Solana's market performance has declined in recent months. Crypto Basic recently highlighted that over the past four months, the value of Solana has dropped by 25.91% compared to XRP.

Monthly candlestick charts and the relative strength index (RSI) further confirm this trend, with the index currently hovering around 60-70, indicating a potential bearish divergence.

Analysts, including Alan Santana, have revised their predictions, expecting the price to potentially drop to $55, with key Fibonacci retracement levels at $137.03 and $58.82 seen as critical support areas and closely monitored.