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Whale Withdraws Massive $110 Million Worth of SOL from Kraken, Potential Catalyst for Imminent Solana (SOL) Rally
In a sudden and intriguing development, a whale has withdrawn a staggering 1,030,000 SOL worth approximately $110.29 million from the Kraken exchange. This enormous withdrawal has sent shockwaves through the cryptocurrency market, with many now speculating about the potential implications for the price of Solana (SOL).
According to Whale Alert, a popular blockchain-based transaction tracker, the massive transfer occurred on April 9, 2025. Despite the anonymity of the whale’s wallet address remaining unknown, the sheer scale of this withdrawal has triggered significant market attention.
The timing of this event is also noteworthy, as it coincides with Donald Trump’s announcement regarding a 90-day tariff pause. This sudden influx of liquidity could be indicative of insider knowledge or an attempt to influence market sentiment ahead of the tariff pause. As SOL and other assets began to skyrocket following the transaction, concerns about potential insider information have risen.
Solana (SOL) has been trading relatively flat for most of April 2025, but this whale withdrawal may signal a significant shift in market dynamics. The cryptocurrency has now surged by over 13.50% in just 24 hours, with its value reaching $119 at the time of writing. Furthermore, trading volume has increased by an astonishing 35%, indicating heightened participation from traders and investors.
As SOL approaches the key resistance level formed by a descending trendline since early February 2025, technical analysis suggests that the asset may be on the cusp of breaking out of a bullish falling wedge price action pattern. If this break occurs, there is a strong possibility it could breach this pattern and rally significantly, potentially reaching the $180 level.
In the short term, traders should focus on SOL’s daily chart, as a close above $125 would likely signal the beginning of an uptrend.
Source: https://coinpedia.org/price-analysis/whale-pulls-110m-in-sol-from-exchange-solana-bull-run-imminent/
