The recent unbinding of Solana tokens has led to significant sales by major holders, causing market fluctuations.
Unbinding of Solana Tokens
On April 4, 2025, a significant event occurred: the unbinding of 1.79 million SOL tokens that had been staked since April 2021. At the time of staking, these tokens were valued at around $37.7 million, but by the time of unbinding, their value had surged to $206 million, marking a 446% increase. Arkham Intelligence labeled this event the 'largest single-day unbind of staked SOL' and noted that such an event would not happen again until 2028.
Token Sales and Market
Following the unbinding, whales quickly began to cash out. Four wallets sold over 420,000 SOL tokens, valued at approximately $50 million. One wallet sold close to 260,000 tokens for over $30 million, while others sold for an estimated $16 million. Despite these sales, the wallets still hold approximately 1.38 million SOL tokens, worth about $160 million at current prices.
Context of Events
The market situation is further complicated by a recent drop in SOL prices. On April 2, the price of SOL was $131.11, but it fell by 12% to $114.66 within just two days. Nonetheless, the token has recovered 6% today and currently trades at $120. The market cap has also surged by 6%, although the trading volume has decreased by 40% to $4.2 billion. The sales follow a similar event in March when the bankrupt FTX exchange and its trading arm, Alameda Research, unlocked over 3 million SOL tokens valued at around $431 million.
The situation surrounding the sale of Solana tokens highlights the volatility of the cryptocurrency market and the impact that large holders have on price fluctuations.
