Solana Whales Unstake 1 Million SOL, Transfer 240,000 to Binance, Sparking Sell Pressure

Two prominent wallets, 2dqEsM and E7TuGh, recently unstaked 1 million SOL tokens, valued at approximately $139 million, just nine days ago. Following this, they transferred 240,000 SOL, worth around $35 million, to Binance over the past three days. This activity is often interpreted as a signal to sell, as transfers to centralized exchanges typically indicate an intention to liquidate holdings.

This is not an isolated incident. Over the past month, several other large wallets have engaged in similar transactions, fueling speculation that institutions or crypto whales may be preparing to offload their SOL holdings. Such movements by large holders are generally seen as bearish signals, and in the case of Solana, this activity has coincided with recent price drops. When SOL was nearing $150 earlier this month, whale movements triggered a sharp decline to the $110–$130 range.

The sell pressure could continue, as these whale wallets may still hold significant amounts of unstaked SOL. If even a fraction of their total holdings are sold, the market could experience further downward pressure. The reasons behind these sales could be varied. Profit-taking is a common strategy, especially when tokens have appreciated significantly since being staked. Many early investors bought SOL at much lower prices, making this a strategic time to cash out. Additionally, token unlocks and fund rebalancing are typical during mid-year adjustments.

However, not all whale movements indicate panic. Some of it may be simple portfolio management. Still, the volume and timing of these recent transactions suggest that retail investors should exercise caution. The market's reaction to these large-scale movements highlights the influence that whale wallets can have on the price of SOL, and investors should be prepared for potential volatility in the short term.