On July 2nd, over $304 million worth of Solana (SOL) was moved within minutes by anonymous holders, according to on-chain tracking platform Whale Alert. The transfers involved two consecutive transactions, each moving 1 billion SOL tokens, the sixth-largest cryptocurrency by market capitalization.
The first transfer was valued at approximately $152 million, followed by a nearly identical second transaction. Both originated from unknown wallets and destinations, raising speculation within the crypto community about their purpose.
These large moves came amid renewed market confidence after recent volatility, coinciding with a broader recovery in major cryptocurrency prices. Some observers worry the transfers could signal upcoming price swings, while others suggest they likely represent over-the-counter (OTC) purchases that may not directly impact SOL’s market price.
Supporting the latter view, Solana’s trading volume surged to over $3.7 billion, with its price rising nearly 5% in the last 24 hours. This increased activity points to heightened buying interest among investors during the market rebound.