Solana has recorded a massive token unlock on its blockchain as over 1.8 million SOL previously staked to secure the network has been liquidated earlier today.
According to data provided by Whale Alert, a blockchain monitoring firm that tracks large transactions, a massive 1,817,260 Solana stake worth about $163.86 million was unlocked on Saturday, March 21.
Push for SOL price?
Further data provided by the source revealed that the large amount of SOL was unlocked from an unknown wallet and distributed across multiple addresses.
While this move is not commonly recorded on the network, it is barely perceived as being bullish for the price of the token as the whale could have unlocked the tokens in a potential sell attempt.
Although it was not disclosed if the unlocked tokens were sent to an exchange afterwards or if they were later restaked, the stake unlock makes the tokens liquid again, potentially increasing Solana’s circulating supply, which could slow down its price upsurge.
Solana stabilizes around $90
The large SOL unstaking move came when Solana was showing mixed price action, trading around $90.19 despite reclaiming $97 during its latest rally on March 16.
Over the last day, the asset has only surged 1.06% as momentum drawn from the recent price breakout appears to have cooled.
While the large stake unlocking signals increased network participation from high profile or institutional investors, the surge in network activity could fuel the asset’s upside momentum, potentially fueling a price rally soon.
Till the time of writing, the price of Solana has remained around $90.16.
Dan Burgin
Vladislav Sopov
