A Solana validator known for causing price declines has recently unstaked a substantial amount of the asset as the market experienced a mild correction. On-chain data indicates that this Solana whale unstaked 200,000 tokens over the past three days, depositing the assets—valued at approximately $30 million—into Binance, the largest cryptocurrency exchange by trading volume.
Previously, this validator had unstaked and sold 1.2 million SOL, worth around $178 million, between June and July, which led to a significant price drop from $170 to $125 in less than three weeks.
Currently, sentiment around Solana mirrors the whale’s actions. Data from Santiment shows that social sentiment regarding the asset began to decline on June 7, coinciding with the validator’s initial unstaking.
While the recent $30 million unstaked amount is significantly lower—nearly six times less—than the $178 million selloff from four months ago, the sentiment remains cautious. Despite the broader market correction, Solana has managed to record a 9% price increase over the past week, consolidating around the $150 mark in the last 24 hours.
Interestingly, there have not been any signs of a massive selloff following the whale’s recent actions, although the asset’s daily trading volume has decreased by 33%, currently resting at $1.9 billion. The Relative Strength Index (RSI) for SOL sits at 48, indicating that the asset is in a neutral zone—neither overbought nor oversold.
If the overall cryptocurrency market continues to trend upward, a significant price drop for SOL seems unlikely. However, investors are advised to remain vigilant amid the changing dynamics.
