Solana (SOL) has attracted considerable investor interest lately due to its notable price fluctuations. While indicators point to the network's strong performance and future potential, the involvement of large investors, or whales, suggests a looming sell-off risk for SOL. What factors will influence the next moves for SOL?
Whale Activities: Heightened Pressure to Sell
Recent market trends have shown increased selling and unstaking actions by prominent wallets, sparking worries about a rise in selling pressure on SOL.
On May 12, 2025, a whale offloaded 103,040.6 SOL, valued at $17.7 million. Additionally, an FTX/Alameda-associated wallet unstaked 187,625 SOL, amounting to $32.24 million.
Also on that day, Pump.fun, a token platform on Solana, transferred 132,000 SOL to the Kraken exchange.
These transactions indicate that major investors are cashing in on SOL's recent price hike, reflecting a cautious outlook amid market uncertainties.
Solana Network Performance: Holding Ground
Despite the mounting selling pressures from whales, the Solana network continues to exhibit robust performance in the blockchain sphere. Solana led in revenue generation for Q1 2025, surpassing Ethereum and BNB Chain, with revenues exceeding $200 million.
Data from DeFiLlama highlights Solana as the top platform in DEX trading volume. Over the last month, Solana processed transactions worth over $81.8 billion, capturing a substantial 24.25% market share.
"Solana's dominance in DEX trading underscores its scalability and reliability," noted Merlijn Trader.
Nonetheless, not all indicators are positive. Data from Dune Analytics shows a high failure rate of nearly 40% for non-vote transactions on the Solana network.
SOL Price Evaluation: Mixed Market Sentiment
The SOL price reflects a juxtaposition of positive and negative sentiment among investors. Optimism surrounds SOL's growth potential, with experts predicting a bullish phase ahead, citing the network's revenue and DeFi activity.
Conversely, cautionary signals are also present. Concerns have been raised that weekend price peaks following strong weeks might indicate near-term highs, suggesting the possibility of a correction. An entry point in the $140-$160 range has been suggested in such a scenario.
On the brink of potential whale-driven sell-offs, supported by data and market feelings, SOL is at a pivotal juncture. Though short-term corrections may loom given the price surge to $180, Solana's robust fundamentals, highlighted by leading revenue and high DEX trading volumes, underpin the coin's long-term stability.
If SOL can weather the present selling pressure and maintain support above $160, breaching the $200 milestone appears feasible, setting the stage for a robust rally in line with analysts' predictions.