The broader cryptocurrency market slowdown has weighed heavily on major digital assets. However, Solana (SOL) has become one of the biggest losers among the top 10 cryptocurrencies by market cap.
Over the past week, SOL has fallen approximately 12%, lagging its large-cap peers amid risk-off sentiment across markets.
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Long-term Solana holders withdraw money
While macro and geopolitical uncertainty has contributed to the decline, a wave of whale selling has added more pressure on the asset.
Blockchain analytics platform Lookonchain reported that a Solana holder who originally staked 991,079 SOL more than five years ago recently sold 30,000 SOL worth approximately $2.56 million.
According to the analysis firm, the whale began unwinding positions approximately a year ago and has since sold 965,274 SOL valued at almost $137.7 million. The wallet reportedly still contains 381,140 SOL, worth around $32.4 million, in staking positions.
Another whale, “GyBRmk”, cashed in a large portion of the stack he had held for over two years.
Pump.fun resumes SOL sales after nine-month hiatus
Selling pressure has also resurfaced from meme coin flipping platform Pump.fun. After nine months of silence, Pump.fun has restarted SOL outputs.
Lookonchain reported that the platform deposited 174,408 SOL ($14.76 million) on Kraken and likely already sold 117,877 SOL ($9.96 million).
The analytics platform noted that a newly created wallet (35qaEz) withdrew the same amount of SOL from Kraken, sold it for 9.96 million USDC at an average price of $84.52, and then deposited the stablecoins back into the exchange.