Solana Whale Withdraws 50,000 SOL After 5 Months
A dormant Solana whale has reactivated, signaling long-term holding plans. The move comes as SOL trades near ₱4,935 ($85) with technical resistance at the daily MA 50.
Onchain Lens flagged a Solana whale that pulled 50,000 SOL from Binance and Bybit after sitting idle for five months, then sent the entire amount for staking.
The withdrawal signals accumulation rather than distribution. Moving tokens off exchanges into staking typically indicates long-term holding plans, not an intent to sell. Onchain Lens noted that withdrawals reveal a desire to buy, while deposits reveal an intent to sell.
The move comes as Solana trades at $84.90, down 0.38% in the last 24 hours. SOL hit a low of $79.58 on Feb. 19 before buyers attempted to push the price toward ₱4,993 ($86). Analysts are watching the ₱4,645 ($80) level as potential support, with a break below that targeting $76 and possibly $67, where SOL bottomed on Feb. 6.
On Feb. 20, Whale Alert tracked an unlocked stake of 1,511,243 SOL worth ₱7.3 billion ($125.66 million), with more than 1 million SOL tokens unstaked before the weekend.
The technical picture shows SOL trading below the daily MA 50 at $113, which now acts as resistance. A sustained move above that level could open the door to the daily MA 200 at $160.
Other dormant Solana whales have reactivated recently, including wallet 7Z4KD which withdrew 80,000 SOL from Binance after roughly one year of inactivity. Two unnamed whales also moved a combined 376,076 SOL worth ₱4.69 billion ($80.7 million) from Binance to the Kamino DeFi platform on Feb. 20.
This article was written based on reporting from U.Today.
