Solana whale transferred nearly 124,000 SOL tokens to Binance on Monday.
The $22 million transfer could contribute to selling pressure on Solana, raising concerns among traders.
Franklin Templeton runs its node on the Solana network and hints at SOL ETF in a cryptic tweet on X.
SOL extends gains by 2% on Wednesday and hovers near $180.
Solana (SOL) adds 2% to its value on Wednesday, riding on the optimism among market participants after the first day of Spot Ethereum ETF trading. Solana hovers around $180 at the time of writing, and the key market movers are a large-volume SOL transfer to Binance and news of likely a Solana ETF.
Data from Whale Alert, an on-chain tracker, shows a large volume Solana’s transfer to Binance on Monday. Even as Solana in exchange wallets climbs, suggesting more selling pressure as a higher volume of the asset is available for sale, the Ethereum alternative holds on to recent gains and extends its rally on Wednesday.
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