A whale has redeemed and transferred a significant amount of Solana (SOL) to Binance, indicating a possible strategic profit-taking or asset reallocation.
Galaxy Digital, the crypto-focused financial services firm, has reduced its exposure to Ethereum (ETH) and heavily acquired Solana, signaling a shift in asset allocation.
The whale's address, which made a substantial SOL pledge four years ago, has gained approximately $111.4 million in price appreciation alone, contributing to a total revenue of $153.5 million.
The strong staking position of the whale and Galaxy Digital's rotation from ETH to SOL showcase institutional confidence in Solana's growth and potential as a foundational blockchain.