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Solana’s price has fallen to $116, marking a 12% decrease over the past week amid growing concerns about large investors selling their holdings. According to reports, several major cryptocurrency holders, known as “whales,” unstaked and moved approximately $46 million worth of SOL tokens to exchanges, fueling the downward trend.
Four Major Wallets Lead Selling Wave
According to cryptocurrency monitor Lookonchain, four wallet addresses accounted for the massive exchange of funds. The largest seller, ‘HUJBzd,’ transferred $30 million worth of SOL to exchanges. Three other wallets also did the same, with ‘BnwZvG’ selling $9.47 million, ‘8rWuQ5’ transferring $3.53 million, and ‘2UhUo1’ transferring $3 million worth of tokens.
These mass transfers usually presage bearish sentiment in the market since they add selling pressure to exchanges. The recent price movement bears this trend out, with SOL falling by more than 3% within the past 24 hours alone.
Many whales unstaked and dumped $SOL today!
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
— Lookonchain (@lookonchain) April 4, 2025
Market Uncertainty Tied To Tariff Announcements
The wider cryptocurrency market has been buffeted by economic policy shifts. Reports indicate that Bitcoin price fluctuations have been influenced by the announcement by US President Donald Trump of reciprocal tariffs. This uncertainty in the economy has spread to the altcoin market, with Solana being one of the cryptocurrencies under pressure.
Based on recent data, the price of Bitcoin might still move according to stock market trends in reaction to these fresh tariffs. Analysts have cautioned that the entire cryptocurrency market might witness short-term volatility as Bitcoin emulates stock market trends.
Some Analysts Remain Optimistic Despite Declines
Though the present figures indicate a declining trend, not everyone in the market is pessimistic. Cryptocurrency expert Brandon Hong recently expressed an opposing view on social media platform X and wrote: “SOL is about to have its biggest breakout ever.”
Hong’s forecast is focused on Solana possibly breaking out of its 400-day trading range. The analyst encouraged investors to “Buy now or regret later,” providing a rare optimistic view amidst the overall market uncertainty.
Traders Keep An Eye On SOL
This divergence in market opinion reflects the volatile nature of cryptocurrency investments in times of economic transition. Traders remain closely monitoring Solana as it navigates these tough market conditions.
The 30-day performance for Solana investors is even worse, with figures indicating an 15% drop in the past month. This longer decline fits with wider market trends among the cryptocurrencies that have also been depreciating over the recent era of economic instability.
While markets adapt to possible policy shifts and big holders keep shifting their assets, SOL price actions are still a major reflection of investor sentiment within the cryptocurrency market. Whether the token follows the bearish direction implied by whale action or breaks out as some analysts anticipate is to be seen within the next few weeks.
Featured image from Gemini Imagen, chart from TradingView
They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
