On August 20, data from Whale Alert revealed a massive transaction of 1,000,000 SOL worth over $181 million leaving Binance – the world’s largest crypto exchange. The move, which took place around midday, quickly became a hot topic across the crypto community.
What stood out was that this enormous amount of SOL was transferred from a Solana cold wallet, but the destination remained unidentified. On-chain data shows that the receiving wallet appears to be relatively new, with its very first transaction recorded on August 7. This has fueled speculation that an institutional investor or an anonymous whale is accumulating Solana in large quantities.
What Do the Whales Know?
Although the reason behind the transfer was not disclosed, all signs point toward a large-scale buying activity. Historically, significant outflows from major exchanges like Binance have often been associated with whales moving assets into private storage for accumulation.
The timing of this transfer is particularly intriguing, as it occurred during a severe market downturn. Many observers believe this could be a strategic move by whales or institutions to “buy the dip” and maximize profits ahead of a market rebound.
Beyond its mysterious nature, such large-scale buy-related transfers are rare during bearish conditions. Yet, contrarian moves like this are reigniting hope within the crypto community, suggesting that whales may be preparing for something big.
SOL Price Outlook
After plunging to $179 on August 20, Solana quickly staged a sharp rebound, turning green within the same day. According to data from CoinMarketCap, SOL has surged to $184, marking a 3.48% increase in just 24 hours.
This sudden recovery has reignited investor enthusiasm, with expectations that more large-scale transfers could fuel the token into a fresh rally.
