A large whale has withdrawn 15,567 $SOL from Coinbase Prime to purchase 2.25M $ai16z at a price of $1.29 per token, increasing their holdings to approximately 2.88M $ai16z valued at around $3.8M. This significant transaction has sparked concerns about a potential short-term bearish sentiment on SOL, while bullish sentiment is evident in the ai16z market.
The whale’s purchase could drive up demand and price for $ai16z, as evidenced by a 12% surge in trading volume over the past 24 hours. On-chain metrics suggest an increased accumulation phase, with the Relative Strength Index (RSI) at 60, indicating strong buying momentum. However, this also raises concerns about short-term corrections.
In contrast, the SOL market has seen a 5% decline in trading volume following the whale’s exit from the asset. This transaction highlights the significant impact large holders can have on market dynamics, emphasizing the importance of tracking on-chain movements for informed trading decisions.
Source: https://blockchain.news/flashnews/whale-withdraws-sol-from-coinbase-prime-for-significant-ai16z-purchase