Recent on-chain data indicates that Solana (SOL) whales have unstaked approximately 5.52 million SOL, valued at around $810 million, with $516 million transferred to Coinbase Prime. This substantial movement has raised concerns about a potential sell-off, especially as SOL has broken key technical support levels.
Technical analysis suggests that if SOL fails to hold the $125 support level, it could trigger a 50% decline toward $60. This bearish outlook is compounded by declining network activity, with active addresses dropping by 60% from their October 2024 peak.
Additionally, the upcoming release of $2.06 billion worth of SOL tokens from the FTX bankruptcy estate could further increase selling pressure.
As of now, SOL is trading at approximately $153.06, experiencing a slight decrease of 0.00726% from the previous close.
Investors should monitor these developments closely, as continued whale sell-offs and increased token supply could lead to further price declines.
