Whales holding large amounts of the Solana (SOL) cryptocurrency are purchasing SOL put options as insurance against a potential drop in price. The options exchange, Deribit, witnessed $32.39 million in SOL block trades, indicating whale activity. Data from Amberdata shows that nearly 80% of SOL block trades by whales were in Put Options, compared to 40% for Bitcoin and 37.5% for Ethereum. Analysts expect the upcoming token unlock event on March 1 to impact SOL's price, leading to the purchase of Put Options. SOL's price has already started to decline, dropping 7% in early trading.



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