$33.27M in Newly Unstaked Solana Transferred to Exchanges
A significant Solana unlock has caught attention throughout the crypto community as $33.27 million in SOL was transferred to centralized exchanges.
According to a post by blockchain analytics platform Onchain Lens on Apr. 4, 425,266 Solana (SOL), valued at approximately $49.78 million, was unstaked. This event marks the largest scheduled unlock of staked SOL until 2028. Shortly after, 284,147 SOL were transferred to leading exchanges such as Coinbase, Kraken, and Binance, signaling a potential increase in selling pressure.
As reported by Arkham Intelligence, the wallets responsible for this unlock originally staked these funds back in April 2021 when SOL was trading at much lower levels. Their investments have appreciated 5.5 times at current valuations, making it more likely they will take profits.
Solana is currently facing pressure from the broader market, with SOL having dropped 7% over the past week. The price briefly fell to $112.24, a crucial 12-month support level. Despite this decline, the fundamentals of the network remain robust.
Long-term confidence is evident, as Solana’s total value locked has nearly doubled since November 2024, exceeding 53 million SOL. Additionally, stablecoin activity on Solana surged from $5 billion in January to $12.6 billion according to DefiLlama data.
However, decentralized finance activity has seen a downturn. The volume on decentralized exchanges fell from $252 billion in January to $52 billion in March. On the technical side, Solana is showing a trend reversal that is neutral to bullish.
After testing the $114.34 support level, Solana is currently trading around $118.55. The next significant resistance level is at $143.25, with the $128.79 resistance remaining a crucial barrier. With the relative strength index at 43.6, SOL is in the neutral-to-oversold territory, indicating potential upside should buying pressure increase.
Bollinger Bands, indicating that the price is near the lower band, suggest a possible recovery. A failure to surpass the 50-day moving average might indicate further declines. Conversely, if SOL breaks through the $128.79 resistance, it will likely target $143.25. However, if it loses the $114.34 support, it may retest lower support around $112. A decisive move above the 50-day moving average would affirm bullish momentum.