Solana whales have initiated the offloading of their tokens, selling nearly $50 million worth of recently unlocked SOL. The unlock occurred on April 4, following a four-year staking period where four addresses staked 1.79 million SOL, initially valued at about $37.7 million. Upon unlocking, the tokens were valued at approximately $206 million, reflecting a 446% increase. By the time of reporting, over 420,000 SOL tokens had been unstaked by these wallets. Arkham Intelligence noted that one wallet alone sold nearly 260,000 SOL worth over $30 million. After these transactions, the whales still hold about 1.38 million SOL valued at around $160 million. The price of SOL has recently seen a decline from a high of $131.11 on April 2 to $114.66, a drop of 12%. This massive unlock follows another significant event in March where the bankrupt exchange FTX and its trading arm, Alameda Research, unstaked $431 million in SOL, a notable event since FTX's initial sales began in November 2023.

Source 🔗