Solana’s price performance has remained extremely weak amid the recent market volatility, and moves from traders — especially large holders — have continued to draw attention from market watchers.
A recent large transaction from an unidentified whale has gotten the crypto community talking, as over 2.6 million SOL stakes have been unlocked on the Solana blockchain.
On Thursday, April 2, blockchain monitoring firm Whale Alert provided data revealing that a total of 2,665,137 SOL tokens worth over $211 million, which have been previously staked, have now been unlocked within a few minutes.
While this move is not uncommon in the Solana ecosystem, it is important to note that the initial staking of the asset was aimed at securing the network, signaling the holder’s confidence in the asset’s future potential.
However, the unlocking of these tokens has raised concerns among investors as it suggests that the holder is no longer willing to commit its token to secure the network and has liquidated them, possibly in preparation to sell.
Further data disclosed by the source shows that the stake unlocking happened in two separate transactions, when Solana was trading around $79.
The token unlock happened when the Solana price was trading in deep red territory, suggesting that the price downtrend could have been the major trigger behind the move.
Nonetheless, Solana remains on the downside at the time of writing, and it is trading at $77. This makes a 6.52% decrease in the price over the past day.