- Solana falls 14% in a week as whales dump $46M in unstaked SOL tokens.
- Four wallets triggered major selloffs, fueling bearish market sentiment.
- Analyst Brandon Hong predicts a breakout from SOL’s 400-day trading range.
The price of Solana (SOL) dropped almost 14 percent during the last week as it underwent a substantial decline. The decline in SOL’s price was preceded by substantial whale activity that involved both unstaking and selling around $46 million worth of SOL. Market data shows that four large wallets collectively moved millions in SOL tokens to exchanges, intensifying the downward pressure.
Whale Activity Triggers Price Decline
Data from the tracker Lookonchain suggested that crypto whales are on a SOL dumping spree in tandem with the coin’s slumping action. Notably, 4 wallet addresses collectively unstaked and offloaded $46 million worth of coins in the past 24 hours, per whale data.
The addresses involved in the selloff included ‘HUJBzd’, which offloaded $30.3 million, followed by ‘BnwZvG’ with $9.47 million. The wallets ‘8rWuQ5’ and ‘2UhUo1’ conducted transactions worth $3.53 million and $3 million respectively. Market analysts interpret this degree of selling as evidence of bearish sentiment which leads retail and institutional investors to adopt a more cautious approach.
SOL stands at $115.91 as investors witnessed a 18 percent price reduction within this month. The current market trend shows traders who track macroeconomic events operate under elevated uncertainty created by former President Donald Trump’s trade barrier declarations.
Broader Market Conditions Add to Downward Pressure
The cryptocurrency market as a whole has mirrored traditional market instability in recent days. Bitcoin, which often leads the movement across the digital asset space, also displayed weakness following news of reciprocal tariffs. This development has prompted analysts to link crypto market movements to equity market patterns, particularly during periods of heightened global economic uncertainty.
According to reports, Matrixport highlighted that Bitcoin could continue to reflect stock market behavior. This correlation increases the possibility of continued volatility for altcoins like Solana. As a result, selling momentum has expanded across various tokens, not just SOL.
This environment has created an atmosphere of restraint among investors, with many holding off on fresh entries due to fear of further losses. The high volume of recent selloffs has only added to this sentiment, suggesting that traders are seeking clarity before initiating new positions.
Analyst Predicts Imminent Breakout Despite Decline
Despite the current downturn, some analysts remain optimistic about Solana’s prospects. Crypto analyst Brandon Hong recently stated that Solana is nearing a significant breakout. His analysis suggests that SOL is close to breaking out of its 400-day trading range.
He posted on X, claiming that SOL may see its strongest upward move in over a year. His comments have sparked speculation that the current decline may be temporary and that long-term investors could benefit from the present price levels.
This perspective contrasts with the immediate bearish trend but adds an alternative angle to the ongoing market narrative. Investors continue to monitor price movements closely, especially as Solana attempts to stabilize around the $115 mark amid shifting sentiment.
