Solana's woes mount as whales dump large amounts of tokens
Date: 2025-08-13 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
The market has seen significant selling pressure from large Solana holders in recent days. According to Lookonchain, three large wallets have moved more than 226,000 SOL to trading platforms in just a few hours, equivalent to approximately $40 million. These actions could indicate either profit-taking or a change in long-term strategy.
The following transactions stand out among those recorded: the CMJiHu address sent 96,996 SOL to exchanges, worth approximately $17.45 million; the 5PjMxa wallet sent 91,890 SOL worth $15.98 million to the Kraken platform; HiN7sS's owner sent 37,658 SOL to Binance, making a profit of about $1.63 million.
Similar activity has been seen before. Over the weekend, Galaxy Digital withdrew 224,000 SOL, valued at $41.12 million, to Binance and Coinbase. A week earlier, BeInCrypto reported that the same company withdrew 250,000 SOL worth $40.7 million from its stake and transferred it to the exchange. Another major investor has also begun to reduce the amount of locked tokens, indicating a general increase in caution among major players.
The situation is exacerbated by the low interest in the REX Osprey Solana fund. According to Farside Investors, the ETF saw net inflows on only one trading day in August, while the dynamics were neutral or negative in the rest of the sessions.
The market is reacting to these events by lowering quotes. According to BeInCrypto Markets, SOL remains about 40% below its all-time high. By comparison, Ethereum has seen its recent rally to levels last seen in 2021. Over the past 24 hours, SOL has fallen another 5.49% to trade at $175.64.
There are some positive signs for Solana, however. Hong Kong-regulated exchange OSL HK has announced the launch of retail trading for the token. Jeff Bezos’ Blue Origin is also reportedly accepting SOL as payment for spaceflight bookings, alongside Bitcoin, Ethereum, Tether, and USDC.
Cryptocurrencies are becoming increasingly popular for high-value purchases, thanks to the benefits for both consumers and merchants, according to Shift4’s Alex Wilson. Additionally, activity in the Solana ecosystem continues to grow, with the share of issued memcoins exceeding 3%, indicating an expanding user base.
Despite these positive trends, ongoing sales by large investors add an element of uncertainty to the token's prospects. The question remains: will whales continue the sell-off or take a break, which could stabilize the market situation.
