“Many whales unstaked and dumped SOL today,” Lookonchain reported the blockchain analytics platform on April 4.
The report highlighted four transactions worth over $3 million of native Solana tokens, with the biggest transaction being 258,646 SOL valued at around $30 million.
It is believed that the Solana sale was a direct result of the meme. bubble bursting As the asset has fallen by 60% in just two months.
Several whales have been dumped after being stabbed. $SOL today!
HUJBzd dumped 258,646 $SOL($30.3M).
BnwZvG dumped 80,000 $SOL($9.47M).
8rWuQ5 dumped 30,000 $SOL($3.53M).
2UhUo1 dumped 25,501 $SOL($3M).
Address:https://t.co/mCaB45W6pVhttps://t.co/wjhEwyZgFHhttps://t.co/Waqe4cxvbP… pic.twitter.com/kc1Q5GEKIX
— Lookonchain (@lookonchain) April 4, 2025
Major Solana Unlock
The selling pressure was increased by the release of around $200 million in Solana on April 4. Arkham Intelligence reported it “marks the largest single-day unlock of staked SOL until 2028.”
CoinNess Global reported The exchanges Binance Kraken and Coinbase received 284,147 SOL worth $33,000,000 and 425,266 SOL valued at $50,000,000.
Solana token unlocks are events that occur when SOL previously locked becomes available for trade, usually due to vesting schedules and liquidation processes. In March, 11.2 millions tokens valued at $1.3 billion worth of FTX bankruptcy assets were released.
Unlocking $200 Million of SOL TOMORROW
The biggest single day unlocking of SOL staked until 2028 is tomorrow, April 4th.
The 4 accounts invested a total $37,7M in SOL by April 2021. They are now up 5.5x based on current prices. pic.twitter.com/qvKFWxygh9
— Arkham (@arkham) April 3, 2025
Token unlocks can be a bearish trend in the short run because they boost the circulating stock, currently at 514,000,000 for Solana.
This week Ripple, a fintech company, unlocked $1 Billion worth of its token XRP. The asset is now under greater selling pressure. dipped below $2 On April 3,
Sui has also been released recently, but its value is down almost 10%.
SOL Price Tanks
SOL has seen a decline of over 4% for the day. That is more than what the rest of the market experienced. It fell to $112 as an intraday lowest before recovering, trading around $118 when this article was written.
SOL is down by 16% or more in the past seven days, but the crypto-market as a whole has declined only by 6.5%. SOL’s price is dropping much faster than Bitcoin, and even other altcoins.
Solana is used primarily for memcoin trading and coin minting. Since the burst of this bubble, network revenues and activity have dropped. SOL has plummeted in price to its lowest point in more than one year.
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Source: cryptopotato.com
