- Solana’s price remains steady despite 5.52M SOL unstaked and 3.54M SOL deposited into Coinbase Prime
- TVL in Solana’s Liquid Staking has remained stable too – A sign of whales repositioning themselves
Over the last 12 hours, the Solana [SOL] network has seen significant unstaking activity from whale accounts, raising questions about its potential market impact.
Five major whale accounts unstaked 5.52 million SOL, valued at approximately $810 million, while 3.54 million SOL [$516 million] was deposited into Coinbase Prime. Such movements often signal shifts in investor sentiment and liquidity trends.
Trend of staked SOL – Are whales exiting?
The Total Value Locked [TVL] in Solana’s Liquid Staking Platforms [LSTs] offers valuable insight into broader staking trends.
While the recent whale unstaking represents significant movement, the overall staking TVL has remained relatively stable. This is indicative of the fact that this is not part of a widespread exit, but rather a targeted manuever by a few large holders.
The TVL chart underlined a steady hike in staked SOL over the past year, despite short-term fluctuations. This suggested that while some whales may be repositioning, staking interest in the ecosystem has remained intact.
At the time of writing, the total staked across all LSTs was around 37 million.
Source: DuneAnalytics
Previous patterns also revealed that large unstaking events do not necessarily lead to prolonged downward trends. If the deposited SOL remains inactive on exchanges or moves into alternative investment channels, its effect on price could be minimized.
Moreover, new staking inflows may offset the recent withdrawals, keeping the network’s staking security intact.
Price action amid whale unstaking
Despite the large-scale unstaking and exchange deposits, Solana’s price has exhibited some strength on the charts. Over the last 12 hours, SOL recovered from its earlier dip, with buyers stepping in to absorb the hike in supply.
Typically, such large movements introduce selling pressure. On the contrary, SOL’s price has stabilized this time, suggesting strong market demand and confidence among traders.
Source: TradingView
Despite a minor dip projected by the latest price candle on the charts, it’s worth noting that prior to the same, the altcoin recorded an 11% hike to trade as high as $148.
The Moving Average Convergence Divergence [MACD] indicator hinted at weakening bearish momentum, while the moving averages highlight a longer-term downtrend. This means that traders are watching closely to see if SOL can sustain its recovery or face further downside pressure.
What’s next for SOL?
The key takeaway from the last 12 hours is that despite whale unstaking and deposits, Solana has held firm. Investor behavior seemed to suggest that while some are reallocating their assets, overall market confidence remains intact.
Monitoring exchange inflows, staking redeployment, and liquidity absorption will be crucial in determining SOL’s next move.
If SOL continues to maintain its price stability despite the large transfers, it could indicate strong underlying demand. However, if further large unstaking events occur without sufficient offsetting demand, it could lead to short-term volatility.
For now, SOL remains in a crucial phase, balancing between strong support levels and potential market shifts driven by whale activity.
