A massive movement of Solana (SOL) worth $33.27 million has raised concerns in the cryptocurrency markets after being transferred to centralized exchanges, sparking fears of a potential sell-off in the near future.
In a post published by the Onchain Lens platform on 'X' on April 4, it was revealed that 425,266 units of Solana were unlocked, valued at approximately $49.78 million. This is the largest scheduled unlock of SOL stakes until 2028.
After the unlock, 284,147 SOL units were sent to major exchanges like Coinbase (NASDAQ:COIN), Kraken, and Binance, raising concerns about the potential for significant selling pressure in the market. Arkham Intelligence data indicates that the addresses that executed this unlock had staked the funds in April 2021, when SOL prices were significantly low. Thanks to the substantial increase in the current value of the currency, it seems that the holders of these assets are approaching a decision to take profits.
Despite these concerning moves, the technical fundamentals of the Solana network remain strong, as the network has seen a significant increase in total value locked, reaching over 53 million SOL in November 2024, demonstrating strong confidence in its future projects.
Technically, the indicators show that Solana faces strong resistance at $128.79, and if it can surpass this level, it may target $143.25. However, if the currency loses its support at $114.34, it may face another drop to the $112 level, which could increase selling pressure in the short term.