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Solana Whales Dump SOL as Network Activity Crashes 60%
The Solana network has taken a drastic turn for the worse, with whales offloading their SOL holdings and network activity plummeting by an astonishing 60%. The sudden exodus of major wallets has left many wondering if the once-promising platform can recover from this crushing blow.
According to data provided by Santiment, it appears that 135 key addresses holding more than 10,000 SOL have either sold or redistributed their assets within the past month alone. This massive sell-off has resulted in a catastrophic drop of over 15% in Solana’s price, which now sits at $135 per unit – its lowest level since November.
Furthermore, the network’s active address count has taken a severe hit, plummeting from an all-time high of 18.5 million in October to just 7.3 million today. This represents a staggering decline of 60% and serves as stark evidence that users are rapidly losing faith in Solana’s long-term viability.
Adding fuel to the fire is the impending release of 11.16 million SOL, worth approximately $1.5 billion, on March 1st due to FTX’s ongoing bankruptcy proceedings. Analysts warn that these tokens could be sold by institutions who acquired them at a higher price point, exacerbating downward pressure on the market.
Coinciding with this bearish trend is Bitcoin’s own weakness, which has led to altcoins like SOL suffering even more severe losses. Any attempt at recovery will require Solana reclaiming its $150-$160 range and invalidating the bearish breakdown.
