The broader crypto market downturn has weighed heavily on major digital assets.
However, Solana (SOL) has emerged as one of the steepest losers among the top 10 cryptocurrencies by market capitalization
Over the past week, SOL has declined roughly 12%, underperforming its large-cap peers amid risk-off sentiment across markets. Solana Long-Term Holders Cash Out While macro and geopolitical uncertainty have contributed to the decline, a wave of whale selling has added further pressure on the asset. Blockchain analytics platform Lookonchain reported that a Solana holder who originally staked 991,079 SOL more than five years ago recently sold 30,000 SOL worth approximately $2.56 million.
According to the analytics firm, the whale began unwinding positions roughly a year ago and has since sold 965,274 SOL valued at nearly $137.7 million. The wallet still reportedly holds 381,140 SOL, worth around $32.4 million, in staking positions. Another whale, “GyBRmk,” cashed out a large portion of the stack they had held for over two years.