Why Solana’s $149M whale deposits complicate SOL’s recovery

Solana faced fresh selling pressure as a mysterious whale deposited 1.49 million SOL, worth $148.77 million, across multiple exchanges within 10 days. Lookonchain reported on X that the whale dumped considerable SOL holdings to various major trading platforms, raising concerns about potential liquidations. These deposits raised concerns about potential selling, even though exchange transfers alone did not confirm completed sales. Additionally, the whale's activity introduced another concern for buyers who were already struggling to absorb the persistent selling pressure. In particular, the selling pressures also extended beyond the mysterious whale as Solana's exchange flow data revealed token inflows. As per CoinGlass analytics, SOL Spot Netflows had turned positive, reaching $6.29 million at the time of reporting, November 2.

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