Recently, a well-known Solana (SOL) whale unstaked part of his SOL and transferred it to Binance, bringing potential selling pressure. The amount of this transfer was as high as 29.8 million US dollars, equivalent to 200,000 SOL, which attracted the attention of the market.
The whale created the wallet in August 2023 and sold a large amount during the market adjustment in June and July, causing the price of SOL to fall from 170 US dollars to 129 US dollars. Currently, the whale holds about 299,994 SOL, which is delegated to the leading validator Block Logic + MEV + Triton. The behavior of this whale has a significant impact on the market because the stake he holds accounts for 13% of the total stake on the Solana network.
There are 4,826 whales with more than 10,000 SOL in the Solana network, of which 70% of SOL is staked, and any fund transfers from these large wallets will have a significant impact on the market. Whale unstaking is often seen as a bearish signal, especially in the case of large-scale staking cancellations, which may put pressure on SOL prices. Historically, the market crash in 2022 has a lot to do with large-scale staking withdrawals.
Impact of staking and validators
The withdrawal of whales has a direct impact on the validator Block Logic, especially the loss of 1.2 million SOL support. This has reduced the total stake of the validator by a large part, which may affect the security and staking rewards it provides.
Despite this, Block Logic currently still has large whales that continue to support it and have not withdrawn their funds. In addition, there are thousands of stakers holding smaller amounts of SOL who continue to support the validator, allowing Block Logic to maintain a stable staking base.
SOL is still fluctuating around $149.70, with a 24-hour trading volume of $2 billion, and open interest remains stable, with long positions dominating (70% long to 30% short).
Other: Meme Token Performance
Meanwhile, Meme tokens on the Solana network performed strongly in September and became the main driver of network activity, especially driven by the Pump.fun project. DogWifHat (WIF) and Bonk (BONK) have both exceeded $1 billion in valuation, while Popcat (POPCAT) is also close to this level.
