It seems that the Solana landfill case is far from over whales continue to land their SOL holdings during this market downtrend. The recent shocks in the cryptocurrency space may have also contributed to these whales’ bearish attitudes towards Solanum.

Crypto Whale Sells $16 Million Worth of Solana

WX (formerly Twitter) fastingthis Lookonchain Chain Analytics Platform drew the attention of the cryptocurrency community to a whale that has sold 114,300 SOL ($16 million) on Binance and OKX since August 4. The whale’s last sale was on August 20, for 10,000 SOL ($1.41 million).

NewsBTC previously reported about the crypto whale that sold Solana for $86 million this year. This particular whale is also back in action, as an on-chain data shows they recently sold 20,000 SOL ($2.9 million). This brings the total Solana sales of this whale to 614,000 SOL ($89 million) since January 15.

While the reason for these recent sell-offs remains unknown, they may be related to the bearish sentiment in the Solana ecosystem. With the once-vibrant meme coin ecosystem under threat from other networks like Tron and Binance Smart Chain (BSC), Solana trading volume on a decentralized exchange (DEX) falls, which may affect the price.

Data from DeFiLlama shows that Solana’s DEX volume has fallen by over 20% over the past seven days. Meanwhile, Tron and BSC trading volumes have increased by over 436% and 15%, respectively. This development is already weighing on Solana, as the SOL price has remained lukewarm. Data CoinMarketCap data shows that Solana is one of the few cryptocurrencies in the top 20 by market capitalization that has not seen any growth in the past seven days.

Another reason for the recent gloomy forecasts for Solana are reports that the U.S. Securities and Exchange Commission (SEC) rejected the Chicago Board Options Exchange (CBOE) offer Reports 19b-4 for Spot Solana ETF. The Commission continues to hold that Solana is a security.

Some whales remain undeterred

Despite the bearish attitude perspectives on SolanaSome crypto whales don’t be discouraged and treat it as an opportunity to collect more SOLTwo whales in particular have recently invested millions of dollars in the crypto token — the first whale (9tuA8L) he withdrew 30,000 SOL (4.25 million dollars from Binance and invested these tokens on August 21.

Meanwhile, the second whale (7CsCGy) also he withdrew $26,245 SOL ($3.72 million) from Binance and staking these tokens on August 21. This move could undoubtedly be profitable, especially if Solana’s fundamentals improve again. Cryptocurrency analysts like Ali Martinez had previously predicted that SOL could reach $1000 in this bull market.

At the time of writing, Solana shares are trading at around $142, down over the past 24 hours, according to data data from CoinMarketCap.

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