- Whale Moves 1.37M SOL, Sparking Sell-Off Fears: A major whale unstaked $198M worth of SOL and transferred $62.6M to Binance and Coinbase, hinting at potential profit-taking or liquidation.
- Solana Drops 50% From January Peak: SOL is now trading at $139.88, with a 17.7% weekly loss and a 39% monthly decline, fueling market-wide bearish sentiment.
- Investor Fear Spikes as Transaction Volume Falls: Glassnode data shows Solana investors shifting from optimism to fear, with transaction volume plummeting 38.52% to $14.4B, signaling weak market confidence.
Today, the crypto market was buzzing after a whale made a massive move, unstaking a huge chunk of Solana ($SOL) and transferring it to exchanges. With rumors swirling about a possible sell-off, traders are keeping a close eye on how this could impact SOL’s price.
Whale Unstakes 1.37M SOL—What’s the Plan?
According to Lookonchain, the whale unstaked 1,366,028 SOL tokens—worth a whopping $198 million—before sending them to FalconX, a major crypto brokerage platform. Not stopping there, the trader shifted 40,202 SOL ($62.6M) to Binance and Coinbase.
In the world of digital assets, whales hold serious market influence. A move like this? It often hints at profit-taking or an upcoming liquidation event. Large transfers to exchanges usually mean sellers are gearing up, which can drive prices down if selling pressure builds.
The timing of this transfer raises eyebrows. Volatility in SOL’s price has been surging, and this whale’s decision to offload now suggests a bearish outlook. Could be a calculated risk—securing profits before another leg down—or it could be a signal of wider market uncertainty.
Fear Creeps into the Solana Market
SOL’s downtrend has deepened, sparking investor anxiety. The token is down more than 50% from its January 19 peak of $293.31. In the last week alone, it has shed 17.7%, while the monthly drop now stands at 39%.
After tumbling to $139.88, SOL has struggled to stage a meaningful recovery. This decline has shifted sentiment sharply bearish, with many investors opting to sit on the sidelines as fear grips the market.
Glassnode Data: Investor Sentiment Takes a Hit
According to Glassnode’s Net Unrealized Profit/Loss data, Solana investors have transitioned from euphoria to fear, marking a stark shift in sentiment after months of optimism. This shift is reflected in SOL’s transaction volume, which has plunged 38.52% to $14.4 billion.
With investors on edge, all eyes are now on whether SOL can find a bottom or if this whale’s actions will trigger a fresh wave of selling. As Solana’s decline continues, some traders are looking toward other altcoins for potential opportunities in the market.
Final Thoughts—What’s Next for SOL?
The whale’s move has injected uncertainty into an already fragile market. If SOL fails to hold key levels, another leg down could be on the horizon. On the flip side, if demand steps in, this could be an opportunity for long-term investors. Either way, the next few days will be crucial for Solana’s trajectory.
