Solana Faces Selling Pressure as Whale Moves Tokens to Exchanges

A significant event in the Solana ecosystem has raised concerns among investors, as a whale moves a substantial amount of SOL tokens to exchanges, potentially leading to selling pressure.

Solana (SOL) Whale Sends Unlocked Tokens to Exchanges, Creating Selling Pressure

On April 4, a whale address received one of the biggest Solana (SOL) unlocks scheduled until 2028, amounting to 379,700 SOL. Shortly after, most of these tokens were sent to exchanges like Kraken and Coinbase. The whale’s wallet now holds only 644.82 SOL, having previously held the tokens for over two years. The whale could liquidate the holdings for $44.47M as SOL traded around $116.07. This selling pressure coincides with a general downturn in the crypto market.

Solana Whales Dump SOL Amid Major Token Unlock

On April 4, blockchain analytics platform Lookonchain reported that many whales unstaked and dumped SOL. Four significant transactions of over $3 million worth of Solana native token were highlighted, with the largest being 258,646 SOL worth around $30 million. The Solana selloff is attributed to the meme coin bubble bursting, as the asset has dumped by 60% in just over two months. Additionally, around $200 million worth of Solana was unlocked on the same day, adding to the selling pressure.

$200 mln Solana Unlock Looms – Market Sentiment Bearish

Solana is set to record its single largest one-day unlock in the market on April 4, with four whales addresses involved. Market sentiment has turned bearish, showing a tendency for SOL to fall back to $100. SOL has lost 17.79% in the past month and 1.69% in the past 24 hours. The asset has also lost a key support level on the chart, making a potential push upward unlikely. Arkham Intelligence’s recent market analysis highlights the impact of the massive token unlock on SOL’s performance.

Solana Slammed By Whale Dump—Can It Recover Or Is More Pain Ahead?

Solana’s price has fallen to $116, marking a 12% decrease over the past week amid growing concerns about large investors selling their holdings. According to reports, several major cryptocurrency holders, known as “whales,” unstaked and moved approximately $46 million worth of SOL tokens to exchanges, fueling the downward trend. Four major wallets, ’HUJBzd,’ ’BnwZvG,’ ’8rWuQ5,’ and ’2UhUo1,’ accounted for the massive exchange of funds, with ’HUJBzd’ transferring $30 million worth of SOL to exchanges. These mass transfers usually presage bearish sentiment in the market.