A newly created wallet has withdrawn nearly $28 million worth of $SOL from Binance. Is SOL under pressure?

SOL
SOLUSDT
130.71
-6.10%

On chain data has just recorded a newly created wallet withdrawing over 200,000 SOL token, worth $28 million, from Binance in a single transaction.

๐Ÿ”น Withdrawals to personal wallets are generally seen as a positive sign indicating whales intend to hold long-term, thus reducing the supply on the market.

๐Ÿ”ธ A new wallet executing such a large transaction suggests that smart money or institutions are accumulating tokens at the current price to anticipate an upcoming growth wave.

Do you consider this a buy signal or just a normal wallet transfer?

This article is for reference only; this is not investment advice. Please read and consider carefully before making a decision.