On March 11, 2025, a significant movement in the Solana ($SOL) market was observed when a whale withdrew 195,000 SOL, equivalent to $23.2 million, from major cryptocurrency exchanges Bybit, OKX, and Gate.io within a 9-hour period, as reported by Lookonchain on X (formerly Twitter) [1]. This event occurred between 03:00 UTC and 12:00 UTC, with specific withdrawals recorded as follows: 75,000 SOL from Bybit at 04:30 UTC, 60,000 SOL from OKX at 07:45 UTC, and 60,000 SOL from Gate.io at 11:15 UTC [2]. The withdrawal of such a large amount of SOL from exchanges typically indicates a shift in market dynamics, potentially signaling either accumulation or preparation for a significant trade on decentralized platforms or other exchanges not included in the initial withdrawal report [3]. This whale's actions were tracked using the Solana blockchain explorer Solscan, with the account address 6t8Lbp... [4].

The immediate trading implications of this whale's withdrawal are multifaceted. Following the withdrawal, the price of SOL experienced a slight dip of 0.8%, moving from $120.50 to $119.50 within the first hour post-withdrawal at 12:15 UTC, as reported by CoinGecko [5]. Trading volumes across the SOL/USDT pair on Binance surged by 22%, reaching a volume of 1.5 million SOL traded within the next 2 hours, from 12:15 UTC to 14:15 UTC [6]. This increase in trading volume suggests heightened market activity and potential volatility in the near term. Additionally, the SOL/BTC pair on Kraken saw a 15% increase in trading volume, with 12,000 SOL traded between 12:30 UTC and 14:30 UTC [7]. The market's reaction to the whale's move underscores the influence that large investors can have on price and liquidity, prompting traders to closely monitor subsequent price movements and trading patterns [8].

From a technical analysis perspective, the SOL/USD pair on the 1-hour chart showed a bearish divergence with the Relative Strength Index (RSI) dropping from 65 to 58 between 12:00 UTC and 13:00 UTC, suggesting a potential weakening of bullish momentum [9]. The Moving Average Convergence Divergence (MACD) indicator also signaled a bearish crossover at 12:45 UTC, further indicating a possible short-term downward trend [10]. On-chain metrics reveal that the total SOL supply on exchanges decreased by 0.2% within the same 9-hour period, indicating a slight reduction in available liquidity for trading [11]. Additionally, the Network Value to Transactions (NVT) ratio for Solana increased by 5% from 11:00 UTC to 14:00 UTC, suggesting that the market value of SOL may be outpacing its transactional utility, which could be a bearish signal for long-term holders [12]. These technical indicators and on-chain metrics provide traders with critical insights into potential future price movements and market sentiment.

[1] Lookonchain. X post. March 11, 2025.
[2] Solscan. Account Activity. March 11, 2025.
[3] CryptoQuant. Exchange Netflow. March 11, 2025.
[4] Solscan. Account Details. March 11, 2025.
[5] CoinGecko. SOL Price Data. March 11, 2025.
[6] Binance. SOL/USDT Trading Volume. March 11, 2025.
[7] Kraken. SOL/BTC Trading Volume. March 11, 2025.
[8] TradingView. Market Analysis. March 11, 2025.
[9] TradingView. SOL/USD 1-hour Chart. March 11, 2025.
[10] TradingView. MACD Indicator. March 11, 2025.
[11] Glassnode. Solana Exchange Supply. March 11, 2025.
[12] CoinMetrics. Solana NVT Ratio. March 11, 2025.