Solana whales (SOL). here’s the thing again, because as it turns out, they’ve transferred a significant portion of their shares in Solana in the last 24 hours. This comes amid bearish sentiment in the cryptocurrency market, which it has also caused Solana price to refuse.

Solana Whales is moving more than $500 million worth of SOL across several transactions

On a chain data it shows that Solana whales you made six immense transactions in the last 24 hours. The first transaction it involved the transfer of over 1.5 million SOL tokens ($216 million) to an unknown wallet (HCC…wmr). Then this wallet sent 1.13 million SOL tokens ($163 million) to four different unknown wallets, from this unknown wallet (Auj…yhS) most of the funds transferred (1 million SOL tokens).

The third transaction involved the transfer of just over 1 million Solana tokens ($144 million) from an unknown wallet (GYj…gG6) to another unknown wallet (4Ax…TAh). Then this wallet transferred tokens to another unknown wallet (3vx…kom). The fifth transaction was still for an unknown wallet (3vx…kom), which moved 1.6 million Solana tokens ($230 million) to another unknown wallet (FnH…Arr).

So this unknown wallet transferred received tokens to a wallet connected to Coinbase. This transaction suggests that Solana the whale may want to offload its tokens, which will have a negative impact Solana price. However, past trades indicate that other Solana whales may simply be rotating their capital between portfolios rather than offloading it to the market.

This is also possible considering there has been a lot of activity on the site Solana Networkwith traders actively trading due to the ongoing meme coin craze. Data from DappRader shows that transaction volume on the network continues to grow despite the falling SOL price.

What’s next for the SOL price?

Crypto analyst Ali Martinez Lately mentioned that Solana is prepared for a “significant 53% price change.” He added that the market should watch the support levels at $143 and resistance levels at $178 to gauge the sentiment on the cryptocurrency token.

Jelle cryptocurrency analyst seems to have a bearish sentiment towards SOL. He recently revealed that Solana has not repeated a similar pattern from earlier in the year and has now lost the $150 support level. He said he wouldn’t be surprised if Solana dropped all the way to $140.

Altcoin Sherpa cryptocurrency analyst he also revealed his bearish sentiment towards SOL, stating that the current celebrity meta is not “healthy” for the crypto token ecosystem. He added that Solana’s chart looks “pretty scary” and that Ethereum will likely continue to outperform in the next episode.

Altcoin Sherpa while analyzing the USDT pair, he also discussed the possibility of Solana falling to as low as $120. He stated that he would not invest in Solana until the price dropped to around $140 and that he could simply wait until it dropped to around $120. Longer term, the cryptocurrency analyst remains bullish on Solana i expects this year it will exceed $500.

Featured image created with Dall.E, chart from Tradingview.com