A Solana validator, known for unstaking significant amounts of the asset during price corrections, has once again unstaked a large quantity as the market experienced a mild correction.

Solana Whale Unstakes 200,000 Tokens

On-chain data reveals that a Solana whale has unstaked 200,000 tokens over the past three days. The validator subsequently deposited these assets, valued at approximately $30 million, to Binance, the largest cryptocurrency exchange by trading volume.

Previous Unstaking Activity

According to Solscan data, this validator previously unstaked and sold 1.2 million SOL, worth $178 million, between June and July. This substantial sell-off caused Solana’s price to drop from $170 to $125 in less than three weeks.

Market Sentiment and SOL Price

Solana experienced a similar market sentiment shift during the whale’s previous activity. Data from Santiment shows that the weighted sentiment around Solana on social platforms on June 7, when the validator began unstaking, was notably affected.

“The social sentiment around Solana has been declining over the past week and is currently neutral.”

Comparison to Previous Sell-off

It is important to note that the current $30 million unstaked is significantly lower than the $178 million sell-off four months ago.

Recent Price Movements

Solana has recorded a 9% price increase over the past week and has been consolidating around the $150 mark in the past 24 hours, despite the market-wide correction.

Currently, there are no signs of a massive SOL sell-off, and the asset’s daily trading volume has decreased by 33%, now hovering at $1.9 billion.

Technical Analysis

According to data from crypto.news, the SOL Relative Strength Index (RSI) is at 48. This indicator suggests that Solana is in a neutral zone — neither overbought nor oversold — at this price point.

If the broader cryptocurrency market continues its upward momentum, a significant SOL price fall is unlikely. However, investors should remain cautious.

For more updates and news on cryptocurrencies, investing, and finance, explore Global Crypto News.

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