Solana has seen its price shift to the downside on Tuesday amid rising whale activities. It appears that surging whale movements have contributed to the price declines, as they have been spotted dumping their Solana on major crypto exchanges, according to data shared by on-chain tracking platform, Whale Alert.

The data shows multiple transactions involving thousands of Solana tokens being moved among unknown whales in what looks like an attempt to sell. Notably, a total of over $298 million worth of SOL has been moved in three separate transactions in less than an hour.

While the sender and destination of the highest transaction, which involved 504,978 SOL, could not be identified, the tracker recorded the remaining two transfers, which involved a total of 941,145 SOL, as being moved to a Coinbase wallet.

The multiple whale deposits come as the crypto market faces massive price bloodbaths, which have seen SOL retrace to the $207 level.

Although the nature of the transfers was not specifically stated, large amounts of cryptocurrencies being moved to major crypto exchanges are key indicators that a high-profile investor or institution is making an attempt to sell off holdings. Hence, the multiple Solana deposits noticed today have sparked discussions across the crypto community.

While the timing of the Solana deposits coincides with the growing buzz surrounding the Solana ETF approval, which is expected to happen anytime from now, the move has raised concerns among market watchers.

Just yesterday, the SEC asked crypto ETF issuers to withdraw their filings, a move targeted toward speeding up approval. The news has raised hopes across the crypto community, stirring debates about the odds of the Solana ETF actually hitting 100% now, as speculated by senior ETF analyst, Eric Balchunas.

While it appears that the SEC has issued a formal green light on the Solana-based investment product, whales are still not convinced amid surging high-volume Solana deposits.

Nonetheless, commentators have suggested that the increasing whale sell-offs might be an attempt to prepare for volatility around the ETF decision. Hence, the whales are reshuffling their holdings to ensure they can exit quickly if sentiment flips.