Whale of a Tale: Solana’s $17M Unstake – Should You Panic or Laugh? 😂

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  • In a twist of fate, a long-term Solana whale decided to unstake and shuffle over 125k SOL, worth a staggering $17.64M, to Binance after four long years of waiting. Talk about commitment!
  • If the buyers keep their spirits high, SOL might just waltz back to $165. Who knew crypto could be so dramatic?

Ah, Solana [SOL], the altcoin that has been dancing in a descending channel for the past two weeks. After reaching a local high of $187, it has taken a nosedive, plummeting to a low of $141. It’s like watching a soap opera, but with more numbers and less romance.

As the days dragged on, the long-term holders, those brave souls who locked their fortunes in staking, began to fidget. Patience, it seems, is not a virtue in the world of crypto.

And lo and behold, one such whale decided to start offloading their stake. 🐋

According to the wise sages at Onchain Lens, this whale unstaked 25,008 SOL tokens, worth a cool $3.7 million, and promptly deposited 25,000 SOL into Binance. Over the last two months, this entity has unstaked a whopping 125,045 SOL – that’s about $17.64 million after a four-year staking marathon. Who needs a retirement plan when you have crypto?

But wait! This whale still clutches 1.17 million SOL, valued at $174.17 million, in staking contracts. It’s like holding onto a golden goose while selling off the eggs!

When a big fish like this starts to sell, it usually signals a growing frustration with the market. And guess what? SOL’s recent weakness on the charts seems to echo this sentiment. Fear not, dear investors, for the long-term conviction may just be taking a little nap.

Solana netflows flip positive after two weeks of red

Data from Coinglass has revealed a notable change in the exchange activity. For the first time in 16 days, SOL’s netflows turned positive, meaning inflows have finally outpaced outflows. It’s like a breath of fresh air after a long, stuffy meeting!

And yet, despite this bearish signal, SOL’s price has held steady. It’s like that one friend who refuses to leave the party, no matter how awkward it gets.

Buyers absorb the pressure – For now

In a surprising twist, instead of plummeting further, SOL decided to bounce back and saw a little uptick. Since dipping to a low of $141 three days ago, the altcoin has closed on the positive side for two consecutive days. At press time, it was trading around $152 – up 3.16% in the last 24 hours. Who says crypto can’t have a happy ending?

One reason for this price shift, as whales sold, is that small-scale investors have been swooping in to buy the altcoin. According to Coinalyze, buyers scooped up 479k SOL in the spot market, with a positive Delta of 113k. It seems demand is outpacing supply, like a sale on the last pair of shoes in your size!

From a technical standpoint, SOL has been showing early signs of a potential recovery too. A glance at Solana’s Stoch RSI revealed a bullish crossover, hinting at strengthening momentum on the charts. It’s like watching a flower bloom after a long winter.

Thanks to this crossover, the prevailing trend is likely to continue. If all goes well, SOL might just reclaim those $165 levels. But beware! If more whales decide to jump ship, SOL could tumble back to its key $140 support. It’s a wild ride, folks!

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2025-06-08 00:10