A major Solana unlock has raised eyebrows across the crypto space after $33.27 million worth of SOL was sent to centralized exchanges.
On an Apr. 4 post on X, blockchain analytics platform Onchain Lens reported that 425,266 Solana (SOL), worth roughly $49.78 million, was unstaked. This was the largest scheduled unlock of staked SOL until 2028. Soon after, 284,147 SOL were moved to top exchanges like Coinbase, Kraken, and Binance, indicating a potential upcoming selling pressure.
According to Arkham Intelligence, the addresses behind this unlock had originally staked the funds back in April 2021, when SOL was trading much lower. Their holdings have increased by 5.5x at current prices, making them more likely to take profits.
Solana has been under pressure from the broader market. Over the past week, SOL has fallen 7%. Prices briefly dropped to $112.24, retesting a critical 12-month support level. Despite the downturn, the network’s fundamentals are still strong.
Long-term confidence is shown by the nearly twofold increase in Solana’s total value locked since November 2024, reaching over 53 million SOL. Stablecoin activity on Solana has also increased, rising from $5 billion in January to $12.6 billion, as per DefiLlama data.
However, decentralized finance activity has reduced. Decentralized exchanges volume dropped from $252 billion in January to $52 billion in March. On the technical front, Solana is displaying a neutral to bullish trend reversal.
After testing the $114.34 support, Solana is currently trading at about $118.55. The next major level is 143.25, although the 128.79 resistance is still a key hurdle. At 43.6, the relative strength index indicates that SOL is still in the neutral-to-oversold range, suggesting a potential upside if buying pressure picks up.
Bollinger Bands, which show the price near the lower band, indicate a potential recovery. A rejection at the 50-day moving average could signal further drops. If SOL breaks the $128.79 resistance, it will probably move toward $143.25. However, if $114.34 is lost, it could retest its lower support around $112. A clear move above the 50-day MA would confirm the bullish momentum.