Solana Whale Moves $10.87M SOL from Binance

A dormant Solana wallet ‘7Z4KKD’ withdrew 80,000 SOL (≈$10.87M) from Binance, indicating possible long-term holding intentions. The transaction suggests lower immediate selling pressure as the assets moved to self-custody.

This move signals reduced immediate sell pressure as coins shift from exchange to self-custody, suggesting potential long-term holding.

The recent activity involves an anonymous Solana whale transferring 80,000 SOL from Binance, marking a shift from exchange to self-custody. On-chain analysis by Lookonchain noted the transaction’s significance due to the wallet’s one-year dormancy.

Key players include the whale, labeled “7Z4KKD”, and the Lookonchain analytics account, which identified the transfer. This shift moves assets out of exchange circulation, indicating potential accumulation rather than immediate market liquidation.

The market may interpret this as a bullish signal, indicating possible accumulation intentions. As SOL was moved to a private wallet, reduced sell pressure may influence investor sentiment.

Financially, the withdrawal implies a potential interest in holding SOL amid current market conditions. The transfer could inspire confidence in Solana’s long-term viability, despite no direct regulatory or institutional engagement.

Analysts emphasize a focus on SOL’s potential accumulation impact. Historical data indicates such whale moves often correlate with market sentiment shifts, affecting broader asset perceptions. Market spectators continue to observe future on-chain developments.

According to blockchain analytics platform Lookonchain (@lookonchain), the address ‘7Z4KKD’ withdrew 80,000 SOL (approximately $10.87 million) from Binance after a year of inactivity, five hours ago. — Lookonchain, On-chain Analytics Account