Whale unstaked $30m in SOL; will Solana crash again?

A Solana validator with a history of price declines re-staking a large portion of the asset after the market saw a slight correction.

On-chain data shows that a Solana (SOL) whale has unstaking 200,000 tokens over the past three days. The validator then deposited the assets worth around $30 million to Binance, the largest cryptocurrency exchange by trading volume.

According to data from Solscan, the validator unsold and sold 1.2 million SOL, or $178 million, between June and July, causing the Solana price to drop from $170 to $125 in less than three weeks.

Solana witnessed a sentiment quite similar to that of a whale. According to data provided by Santiment, the predominant sentiment around Solana on social platforms on June 7, when the validator began removing the stock.

SOL price and sentiment – ​​September 26 | Source: Santiment

The public sentiment around the asset has been on a steady decline over the past week and is currently seeing neutral momentum.

It’s also important to note that the current $30 million figure is almost six times lower than the $178 million in sales four months ago.

Solana has seen a 9 percent price increase over the past week and has consolidated around $150 in the past 24 hours despite the market-wide correction.

SOL price and RSI – Sep 26 | Source: crypto.news

While there are no signs of a major sell-off in SOL so far, the asset’s daily trading volume is down by 33% and currently stands at $1.9 billion.

According to data from Crypto.news, the Relative Strength Index for SOL is at 48. The indicator suggests that Solana is in neutral territory, neither overbought nor oversold at this price point.

If the overall cryptocurrency market continues its upward momentum, a decline in SOL’s price seems unlikely, but it is still worth being careful.