Solana (SOL) ‘s price increased by over 10% in the last 24 hours despite significant selling pressure from a whale investor.

On-chain sleuth Lookonchain, in a post on X (formerly Twitter), noted that on March 13, the whale deposited 534,039 SOL worth around $88 million into their Binance account. 

A smart whale deposited 534,039 $SOL($87.6M) into #Binance 7 hours ago.

This whale withdrew 879,441 $SOL($67.92M) from #Binance at an average price of $77 and deposited 711,238 $SOL($106.7M) to #Binance at $150.

A profit of ~$38.7M has been achieved!https://t.co/atq3fgLhwX pic.twitter.com/RED6RpZw5l

— Lookonchain (@lookonchain) March 14, 2024

A few hours later, the whale made two subsequent transactions: a withdrawal of 879,441 SOL (approximately $67.92 million) from Binance at an average price of $77 per SOL and a deposit of 711,238 SOL (valued at around $106.7 million) to the exchange at a price of $150 per SOL. With this intraday trade, the investor pocketed a profit of $39 million. 

SOL Rises to the Occasion 

At press time, SOL trades at $168, per CoinMarketCap’s data. The double-digit price growth recorded in the last 24 hours came with an uptick in trading volume. According to Santiment’s data, the coin’s trading volume during that period totaled $7 billion, having risen by 18% compared to the previous day. 

Furthermore, the period under review also saw a rally in SOL’s social volume, indicating growing community  interest in the coin. This metric tracks the number of a coin’s references on various social media platforms such as X, Reddit, Telegram, and others where users discuss cryptocurrencies and share information.

When an asset’s social volume increases, it means there is a higher level of activity and discussion about it on social media platforms. This often indicates heightened interest and attention to that asset.  As reported earlier, the coin has seen an increase in new demand.

According to Santiment’s data, SOL’s social volume increased by 24% in the last 24 hours. It fared considerably better than leading crypto Bitcoin (BTC), whose social volume decreased by 1% during the same window period. 

Solana’s Social Activity | Source: Santiment

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.