Three new wallets, possibly controlled by one whale, moved 482,228 SOL worth $49.17 million in three days, and part of it has reached exchanges. SOL trades near $99.89 while roughly $29 million still sits in the wallets.
Three newly created Solana wallets moved 482,228 SOL worth $49.17 million over three days, and onchain analysts say the coins are headed for sale. The wallets possibly belong to the same whale, and SOL now trades under $100.
Fresh wallets feed exchanges
The three addresses recorded their first transactions within two minutes of each other on the evening of Oct. 23. Nobody has claimed them, and Arkham lists them without a label.
According to Lookonchain, 171,430 SOL, about $17.3 million, has already gone to various exchanges. The source describes the method as common: splitting coins across fresh addresses and feeding them in slices to contain slippage and avoid spooking order books. Solscan records show all three wallets were still sending transactions as of Oct. 27 04:20 UTC.
About $29 million remains
The wallets held roughly 96,743 SOL, 97,639 SOL and 97,312 SOL a few hours before the report. That totals about 291,700 SOL, or around $29 million at current prices. If the pattern holds, that balance is the next slice headed for exchanges.
SOL slides as bitcoin stalls
The whale is selling into weakness. SOL trades at $99.89, down 5% over seven days, 17% over 30 days and 51% over the past year, and about 66% below its $293.31 record from Jan. 19, 2025.
The wider market offers little support. Bitcoin hovers around $79,590, down nearly 6% in a month.
Buyers and fundamentals on the other side
Some fundamentals look sturdier than the chart. Roughly 71% of SOL in circulation is staked, which shrinks the float that can be sold quickly. Circle has minted $112 billion USDC on Solana so far in 2026. JPMorgan just brought tokenized money funds to Solana for U.S. investors.
The network also faces setbacks. A Solana trading bot was recently hacked for nearly $1M. BNB Chain also recently topped Solana in tokenized equity volume.
Source: Bitcoin News
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