Whale Unstakes 60,289 SOL, Cashes Out $7.67 Million Following Six Month Staking

Solana (SOL) has once again captured the attention of crypto users due to recent whale activity in the market. Today, Lookonchain identified a whale who unstaked 60,289 SOL tokens and sold them for $7.67 million at an average price of $127.  

https://twitter.com/lookonchain/status/1905869957973283070?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener nofollow

Whale unstakes 60,289 SOL tokens

After six months of staking, the whale today unstaked 60,289 SOL tokens, a time when their value was worth $7.67 million. This unstaking activity shows that the whale repossessed his assets (after the staking period) to engage in further market opportunities.

Unstaking assets means that investors transfer their assets from a staking platform (where they reap rewards) to a more liquid state. However, moving these coins to an exchange like Coinbase signals the investor’s intent to trade or sell the coins. This could impact SOL’s supply dynamics and even affect market sentiment around the asset. Such huge transfers of funds are often watched by crypto users as they can impact investor sentiment and price trends.

It is likely that the whale anticipates SOL to embrace a price correction soon or may intend to purchase more coins when greater market dips come. On the other side, it is likely that the whale simply want to cash out profit and abandon the project.

Solana price updates

Transfer of assets into exchanges is typically seen as a bearish move, which may influence their sales in the market. Selling $7.67 million worth of Solana could adversely affect the asset’s price. Onchain trading chart shows that Solana has been struggling to sustain its upward movement recently. SOL has been down 4.2%, 5.4%, and 11.5% over the past week, past two weeks, and one month ago respectively. This current struggle suggests a potential continuation of the downtrend.

Open interest (OI) on SOL dropped by 2.67% over the past 24 hours, showing traders’ waning confidence in the asset. Also, transaction volume dropped by 12.51%, indicating significant inflows of SOL tokens into exchanges. This means investors are selling their SOL tokens, a sign of bearish sentiment on the asset.

The asset’s price is currently standing at $125.35, down 4.6% and 4.2% over the past 24 hours and one week ago, respectively, an indicator of insufficient buying pressure to push its price higher.