- A long-term Solana whale unstaked and moved over 125k SOL worth $17.64M to Binance after four years
- If buyer interest holds, SOL could revisit $165
Solana [SOL] has traded within a descending channel over the past two weeks. Since hitting a local high of $187, the altcoin has seen considerable losses on the charts, with the same hitting a low of $141.
Naturally, this prolonged stagnation has triggered impatience among long-term holders. Especially those who previously locked their holdings in staking.
In fact, one such whale has started offloading their stake too.
Source: X
According to Onchain Lens, the whale unstaked 25,008 SOL tokens worth $3.7 million and deposited 25,000 SOL into Binance. Over the past two months, this entity has cumulatively unstaked 125,045 SOL – Roughly $17.64 million after a four-year staking streak.
Worth noting, however, that the whale still holds 1.17 million SOL, valued at $174.17 million, in staking contracts.
When such a large-scale holder starts to sell, it mostly signals growing frustration with the market. This shift in sentiment is in line with SOL’s recent weakness on the charts. As expected, this has prompted fears that long-term conviction may be eroding.
Solana netflows flip positive after two weeks of red
Source: CoinGlass
Data from Coinglass also revealed a notable change in exchange activity.
For example – SOL’s netflows turned positive for the first time in 16 days, meaning inflows surpassed outflows – Typically a precursor to a hike in selling pressure.
And yet, despite this bearish signal, SOL’s price has held steady on the charts.
Buyers absorb the pressure – For now
Interestingly, instead of dumping further, SOL bounced and saw an uptick.
Since dipping to a low of $141 three days ago, the altcoin has closed on the positive side for two consecutive days. In fact, at press time, the token was trading at around $152 – Up 3.16% in the last 24 hours.
Source: Coinalyze
One of the reasons behind the shift in prices as whales sold is that other small-scale investors have been buying the altcoin.
According to Coinalyze, buyers scooped up 479k SOL in the spot market, with a positive Delta of 113k, indicating clear demand outpacing supply.
Source: TradingView
From a technical standpoint, SOL has been showing early signs of a potential recovery too.
Consider this – A look at Solana’s Stoch RSI revealed that it made a bullish crossover and alluded to strengthening momentum on the charts.
Thanks to the aforementioned crossover, the prevailing trend is likely to continue. A trend continuation will see SOL reclaim $165-levels. With the RSI, a crossover here will validate this uptrend.
On the contrary, if additional whales follow suit and increase selling, SOL could tumble back to its key $140-support.
