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 followed the investment of the entire amount.
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In the past 3 days, this whale has withdrawn a total of 134,482 $SOL ($22.85M) from #Binance and staked it.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/jPXp5mjB5npic.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This whale has withdrawn substantial amounts of SOL from Binance over the last three days. The investor followed each withdrawal with immediate staking, which left no SOL on trading platforms.
The staking activity indicates a prolonged optimistic outlook toward Solana. Staking tokens removes them from trading circulation as they become unavailable for trade. The reduction in circulating tokens may influence the token’s price.
The rapid execution speed and minimal costs make Solana an attractive network for users. Numerous participants in the investment community regard 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. Broader market conditions continue to be the fundamental influence on price dynamics.
The whale, as reported by Lookonchain, continues to stake large sums of money according to recent observations. Upcoming developments will have investors closely watching the situation.