Solana Whale Wakes After 1 Year Pulls $10.8M in SOL From Binance
- Dormant Solana whale resurfaces after one year, moving millions off Binance
- Massive 80,000 SOL withdrawal fuels speculation around long-term accumulation strategy
- Whale confidence contrasts with SOL price weakness amid broader market volatility
A Solana whale has reentered the market after remaining inactive for 365 days, sparking renewed interest among traders. According to Lookonchain, the long-dormant wallet withdrew 80,000 SOL from Binance and moved the funds into a private wallet.
The transfer carries an estimated value of $10.87M at prevailing market prices. Besides the size of the transaction, the timing has fueled speculation around renewed confidence in Solana.
Typically, large holders keep assets on exchanges when preparing to sell quickly. Consequently, withdrawing such volume suggests a holding strategy rather than immediate liquidation. According to Lookonchain, the wallet had not recorded any meaningful activity for a full year. That detail has reinforced the view that the whale returned with a calculated plan.
Market participants across social platforms reacted quickly to the update. Many described the move as deliberate accumulation rather than routine portfolio management.
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Exchange Withdrawal Strengthens Accumulation Narrative
Withdrawing funds from Binance reduces exposure to short-term market execution. Hence, the shift to self-custody often aligns with longer investment horizons. Observers noted that the whale acted during a period of heightened volatility. Significantly, large holders usually avoid major moves unless conviction levels are high.
The absence of any immediate redeposit activity further supports accumulation expectations. Additionally, no linked selling behavior appeared across major exchanges. Some analysts believe the wallet may belong to an early Solana ecosystem participant. Others view it as a high-capital investor positioning ahead of future network developments.
Regardless of ownership, the movement has drawn close monitoring. Large wallet behavior often influences broader market sentiment.
Solana Price Faces Pressure Despite Whale Confidence
Despite the bullish signal, Solana struggled to hold key support levels. The asset dropped $5 from a daily high of $140.42 to a low near $135.05. At the time of writing, SOL traded at $136.39, reflecting a 1.33% decline within 24 hours. Moreover, trading volume fell 24.42% to $3.76B, indicating reduced short-term participation.
The decline followed a breakdown below the $137 support level. Consequently, sellers gained control as technical pressure increased. However, the whale’s action contrasted with broader market behavior. Instead of selling into weakness, the large holder reduced exchange exposure.
Network Growth Keeps Long-Term Outlook in Focus
Beyond price movements, Solana continues to post strong ecosystem metrics. The blockchain ranks second globally in developer activity, supporting sustained interest. Additionally, the anticipated Alpenglow upgrade remains a major focus. The update aims to reduce transaction latency to between 100 and 150 milliseconds.
Such performance improvements could enhance network efficiency and user adoption. Hence, long-term holders may view current conditions as strategically favorable. The whale’s return has added momentum to Solana’s evolving market narrative. Attention now remains on whether further large-scale movements will confirm sustained accumulation.
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The post Solana Whale Wakes After 1 Year Pulls $10.8M in SOL From Binance appeared first on 36Crypto.
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