NAIROBI (CoinChapter.com)— Solana is under intense pressure as whales offload their holdings and network activity takes a sharp dive. The latest data shows that 135 addresses holding more than 10,000 SOL have either sold or redistributed their assets in the past month. Meanwhile, active addresses on the Solana blockchain have plummeted by 60%, falling from an all-time high of 18.5 million in Oct. to just 7.3 million today.
Solana Whale Exodus: What’s Happening?
Whale behavior often signals broader market sentiment, and in Solana’s case, the outlook appears bleak. Crypto analyst Ali Martinez reported that 135 major wallets have exited large SOL positions. Data from Santiment confirms that addresses holding over 10,000 SOL have dropped from 5,167 to 5,032 within a month.
Source: GlassnodeSolana’s price has reacted negatively, plunging 15% in the last 24 hours to hit a low of $135—a price not seen since November. Weekly and monthly charts paint an even darker picture, showing declines of 17% and 56%, respectively.
Network Activity Collapses as Users Exit Solana
Alongside whale exits, Solana is also witnessing a drastic decline in network activity. The number of active addresses has plummeted from 18.5 million to just 7.3 million, signaling a 60% collapse in user engagement. New address creation on Solana has also dropped to its lowest level since Sept. 6, 2024, raising concerns about declining adoption.
Solana Active Addresses Drop. Source: Ali Martinez/XThe fall in active users has also hit transaction fees, which have dropped from $33.36 million in early 2025 to just $2.79 million today. This suggests a weakening demand for Solana-based applications and services, potentially amplifying the downward price pressure.
FTX Token Unlock Adds to Selling Pressure
Adding to the turmoil, an 11.16 million SOL unlock scheduled for March 1 is fueling fears of further downside. These tokens, valued at over $1.5 billion, stem from FTX’s bankruptcy proceedings. With firms like Galaxy Digital, Pantera Capital, and Figure having acquired these assets at $64 per SOL, analysts warn that they may opt to sell rather than hold, exerting further downward pressure on the market.
Wintermute Withdraws Massive SOL from Binance. Source: XCrypto market maker Wintermute recently withdrew over $38 million worth of SOL from Binance, fueling speculation that institutions are preparing for another leg down. Additionally, over the next three months, 15 million SOL—worth approximately $2.5 billion—will enter circulation due to FTX’s bankruptcy auctions.
Can Solana Survive the Downtrend?
Solana has broken below a key trendline that had supported its rally since early 2023. Trading at $137.62, it has dropped 18% this week, signaling growing bearish momentum.
SOL/USD 1-day price chart. Source: TradingViewThe RSI at 40.68 is nearing the oversold zone, showing increased selling pressure. The MACD has turned negative, confirming the bearish trend. Solana’s price has also fallen below its long-term trendline, a critical level that previously acted as strong support.
With the March 1 token unlock set to release 11.16 million SOL ($1.5 billion), selling pressure could intensify. Historically, large unlocks have triggered further price declines.
Solana’s next support is at $133.48, and failure to hold could push it toward $100. Bitcoin’s weakness is adding to the pressure, with altcoins suffering sharper losses.
A recovery depends on Solana reclaiming the $150–$160 range to invalidate the bearish breakdown. However, with momentum favoring sellers, the downtrend could continue.
The post Solana Whales Dump SOL as Network Activity Crashes 60% appeared first on Coinchapter.
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