The Solana debacle seems to be far from over, Whales continue to unload their SOL holdings during this market downtrend. The recent restructuring in the crypto space could also contribute to the pessimistic sentiment of these whales towards Solana.

Crypto whale sells $16 million worth of Solana

In an X (formerly Twitter) postThe On-chain analytics platform Lookonchain drew the attention of the crypto community to a whale that has sold 114,300 SOL ($16 million) on Binance and OKX since August 4. The most recent sale by this whale occurred on August 20, when it sold 10,000 SOL ($1.41 million).

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NewsBTC previously reported about a crypto whale who sold $86 million worth of Solana this year. This particular whale is also back in action as on-chain Data shows that they recently sold 20,000 SOL ($2.9 million), bringing the total sale of Solana by this whale since January 15 to 614,000 SOL ($89 million).

Although the reason for these recent sales remains unknown, they could be related to the pessimistic sentiment in the Solana ecosystem. With the once vibrant meme coin ecosystem under threat from other networks such as Tron and Binance Smart Chain (BSC), Solana’s Decentralized exchange (DEX) trading volume falls, a value that could ultimately affect the price.

Data by DeFiLlama shows that Solana’s DEX volume has dropped by over 20% in the last seven days. Meanwhile, Tron and BSC’s trading volumes have increased by over 436% and 15%, respectively. This development is already weighing on Solana as the price of SOL has remained subdued. Data by CoinMarketCap shows that Solana is one of the few cryptocurrencies in the top 20 cryptocurrencies by market cap that has not recorded any gain in the last seven days.

Another reason for the recent pessimistic forecast for Solana are reports that the US Securities and Exchange Commission (SEC) had rejected the Chicago Board Options Exchange (CBOE) 19b-4 Submissions for the Spot Solana ETFs. The Commission reportedly continues to insist that Solana is a security.

Some whales are not deterred

Despite the bearish View of Solanasome Crypto whales remain undeterred and have seen this as an opportunity, collect more SOL. Two whales in particular have recently invested millions of dollars in the crypto token – the first whale (9tuA8L) withdrawn 30,000 SOL (4.25 million dollars from Binance and deployed these tokens on August 21st.

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Meanwhile, the second whale (7CsCGy) withdrawn 26,245 $SOL ($3.72 million) from Binance and staked these tokens on August 21. This move could undoubtedly be profitable, especially if Solana’s fundamentals pick up again. Crypto analysts like Ali Martinez had predicted that SOL could reach $1,000 in this bull run.

At the time of writing, Solana is trading at around $142, down over the past 24 hours, according to Data by CoinMarketCap.

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