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Solana (SOL) is under intense pressure this week, plunging over 14% as massive whale activity rattles investor confidence. At the time of writing, Solana trades at $115.91, down more than 3% in the past 24 hours and nearly 18% over the past month.
Recent on-chain data from Lookonchain reveals that four major wallets collectively unstaked and dumped $46 million worth of SOL onto exchanges in just 24 hours. The top transaction came from wallet ‘HUJBzd,’ which offloaded $30.3 million in SOL, followed by ‘BnwZvG’ with $9.47 million, ‘8rWuQ5’ with $3.53 million, and ‘2UhUo1’ shedding $3 million.
Many whales unstaked and dumped $SOL today!
— Lookonchain (@lookonchain) April 4, 2025
HUJBzd dumped 258,646 $SOL($30.3M).
BnwZvG dumped 80,000 $SOL($9.47M).
8rWuQ5 dumped 30,000 $SOL($3.53M).
2UhUo1 dumped 25,501 $SOL($3M).
Address:https://t.co/mCaB45W6pVhttps://t.co/wjhEwyZgFHhttps://t.co/Waqe4cxvbP… pic.twitter.com/kc1Q5GEKIX
Such aggressive moves have triggered widespread speculation about SOL’s near-term future, especially as the broader crypto market reels from heightened macroeconomic uncertainty. Donald Trump’s announcement of reciprocal tariffs has already shaken global markets, with analysts forecasting increased volatility for risk assets, including Bitcoin and altcoins.
SOL’s bearish trajectory mirrors these wider trends, with analysts pointing to market-wide caution. Matrixport recently warned that Bitcoin may follow the stock market’s footsteps, further amplifying uncertainty across the crypto landscape.
Yet, amid the bearish wave, optimism still flickers. Crypto analyst Brandon Hong sparked a buzz on social media, declaring Solana is “about to have its biggest breakout ever.” According to Hong, the token is on the verge of breaking a 400-day range — a technical milestone that could reverse the current downtrend.
“Buy now or regret later,” Hong advised on X (formerly Twitter), fueling bullish speculation even as whale sell-offs dominate headlines.
Also Read: Solana Faces Resistance at $147 – Can $123 Support Hold?
With Solana’s price action caught between heavy dumping and glimmers of bullish hope, traders are keeping a close watch. Whether SOL can mount a recovery remains uncertain, but one thing is clear — the coming days will be pivotal for Solana’s next move.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
