Solana whales have started selling their holdings after a huge unlocking event. The unlock happened on April 4, 2025, after four whale wallets had staked 1.79 million SOL tokens back in April 2021.
At the time, those tokens were worth around $37.7 million. Fast forward to the unlock, and the value had shot up to about $206 million, representing a 446% increase.
Arkham Intelligence called it the “largest single-day unlock of staked SOL” and said it won’t happen again until 2028.
Once the tokens were unlocked, the whales quickly began to cash out. The four wallets sold over 420,000 SOL tokens, valued at approximately $50 million.
A wallet sold close to 260,000 SOL tokens for over $30 million, while other wallets sold for approximately $16 million. Even with this, the wallets still possess approximately 1.38 million SOL tokens, valued at about $160 million at present prices.
Meanwhile, this is coming as SOL experiences a sharp drop in price. On April 2, the price of SOL was $131.11, but it fell 12% to $114.66 within just two days. This drop in price adds to the attention surrounding the whales’ sales. However, the token has recovered 6% today and currently trades for $120. The Market cap has also surged by 6%, but the trading volume has dropped by 40% to $4.2 billion.
The whales’ selling comes after a similar event in March, when the bankrupt exchange FTX and its trading arm, Alameda Research, unlocked over 3 million SOL tokens, worth about $431 million.
Since November 2023, FTX has unstaked 7.83 million SOL tokens, totaling nearly $986 million in sales at an average price of $125.80 per SOL.
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