Crypto Whale Nets $153M Profit After Unstaking 100K Solana (SOL)
A crypto whale recently cashed out $13.9 million in SOL after four years of staking, yet they still own over a million tokens.
A mysterious Solana (SOL) whale has aroused market conjecture by unstaking 100,000 SOL worth $13.9 million and placing it on Binance.
The transaction, which was recorded by blockchain analytics company Lookonchain, occurred after four years of patient staking by the deep-pocketed investor, who had originally accumulated 991,079 SOL at an average price of $27.
Whale Moves
With Solana trading near $140, the realised and unrealised gains from the original allotment have surpassed $153 million. Despite the sell-off, the whale still has 1.19 million SOL staked, worth around $166.37 million, indicating that this is more of a smart adjustment than a full exit.
In classic crypto fashion, the reaction to X has been a combination of insight, worry, and meme-driven cynicism. One user instantly remarked that the move could indicate an SOL-to-ETH rotation based on Galaxy Digital’s recent flows, which saw them deposit $105 million in ETH to Binance while withdrawing over $100 million in SOL from the exchange.
Last week, the firm transferred $80 million worth of ETH to Coinbase and Binance, while other significant investors sold off another 143,000 ETH for around $230 million.
Interestingly, in a display of opposing techniques among major investors, Lookonchain also reported a freshly established wallet withdrawing 44,116 SOL from Binance, worth an estimated $6.15 million, which was subsequently staked. Some are cashing out, while others are going all in.
Reversal and Bullish Signals
On the chart, Solana demonstrates a careful balance of strength and volatility. At the time of writing, the token was trading for $140.29, up 0.8% over the previous day.
Despite rising, SOL has remained within a narrow 24-hour range of $134.72 and $140.35, indicating consolidation rather than breakout activity. Furthermore, it rose 6% this week, beating both the larger crypto market, which is up 5%, and its Coinbase Index rivals, which are flat.
The asset has risen roughly 29% in 14 days, but its monthly gain is a more moderate 5.9%, indicating recent instability following a euphoric burst earlier this month.
The surge that saw SOL rise 38% in 10 days was not without technical justification. On the daily chart, analysts observed a bullish falling wedge as well as a traditional cup-and-handle pattern for the cryptocurrency. This convergence of positive signs coincided with strong investor interest near the $129-$130 price level, which is now widely regarded as important support.
Crypto-asset investments are high-risk; you may lose your capital