A major Solana ($SOL) investor has been making significant moves. In just two days, the whale staked 134,482 SOL, valued at $22.85 million. Lookonchain reports that the investor withdrew $7.98 million worth of 47,154 SOL from Binance just a few hours prior. The staking process occurred following the investment of the entire funds.
This whale withdrew another 47,154 $SOL ($7.98M) from #Binance 10 hours ago and staked it.
In the past 3 days, this whale has withdrawn a total of 134,482 $SOL ($22.85M) from #Binance and staked it. https://t.co/jPXp5mjB5n pic.twitter.com/QBZZb1S9pJ — Lookonchain (@lookonchain) February 20, 2025
SOL Whale Withdrawals Strengthen Market Sentiment
This whale has withdrawn substantial amounts of SOL from Binance over the past three days. The investor followed each withdrawal with immediate staking, ensuring that SOL remained off trading platforms. The staking activity indicates a sustained optimistic outlook towards Solana. Staking tokens removes them from trading circulation, rendering them unavailable for trade. The reduction in circulating tokens could influence the token’s price.
The rapid execution speed and minimal costs make Solana an appealing network for users. Many participants within the investment community view Solana as a formidable competitor to the Ethereum network. Current whale activities affirm long-term market optimism regarding Solana’s growth prospects.
Whale SOL Strategy Signals Market Optimism
Market analysts are closely monitoring whale movements. Increased $SOL investments from significant investors may lead to heightened market demand and rising prices. The broader market conditions continue to be the fundamental influence on price dynamics. The whale, as reported by Lookonchain, persists in staking large sums according to recent observations. Upcoming developments will prompt investors to closely watch the situation.