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FIGR_HELOC $1.02 Markets · Explained
Solana slips below $100 as linked wallets move $49M in SOL
Three fresh wallets tied to a suspected whale have shifted 482,228 SOL over three days, with about $17.3 million already sent to exchanges.
Key takeaways
- Whale-sized transfers. Three wallets that first transacted on the evening of Oct. 23 have moved 482,228 SOL worth about $49.17 million in three days.
- Exchange inflows. Lookonchain says 171,430 SOL, roughly $17.3 million, has reached exchanges, while around $29 million remained in the three addresses as of Oct. 27.
- Weak price backdrop. SOL changed hands near $99.89, down 5% over seven days and about 66% below its January 2025 record.
What happened
Solana traded below $100 on Oct. 27 as onchain trackers followed three newly created wallets that together shifted 482,228 SOL, worth roughly $49.17 million, across three days. Lookonchain, which flagged the activity, said 171,430 SOL, about $17.3 million, has already been deposited to exchanges.
According to Bitcoin.com News, the trail begins on the evening of Oct. 23, when the three addresses recorded their first transactions within a two-minute window. None of the wallets has been publicly claimed, and Arkham lists them without labels as wallet A, wallet B and wallet C. Analysts suspect one holder is behind all three and that the transfers are intended to sell. Splitting coins across fresh addresses and feeding them out in slices is a common technique for large sellers trying to limit slippage and avoid unsettling order books.
The transfers had not stopped as of 04:20 UTC on Oct. 27, when Solscan showed all three wallets still sending transactions. Their balances at that point were 96,743 SOL, 97,639 SOL and 97,312 SOL, about 291,700 SOL, or roughly $29 million, left to move. The near-identical amounts suggested a coordinated plan rather than three unrelated holders.
Coinpedia reported that 310,798 SOL had not been confirmed as deposited to exchanges in the latest update. That figure does not match the balances cited above, and neither outlet explained the gap. Coinpedia also noted that transfers on their own do not establish that tokens have been sold, and that common ownership of the wallets has not been conclusively proven.
First $122.11Latest $99.61-18.4% over the period
Points are daily observations, not closing prices.
Why it matters
Exchange deposits draw attention because coins held on trading venues can be sold more easily than those sitting in private wallets, so large inflows are often read as a signal of possible supply hitting the market. For SOL, that arrives at an awkward moment: the token has been sliding for weeks and the $100 line has become a psychological marker for traders watching whether buyers can hold the level. As the larger crypto market stalls, assets with higher volatility like SOL have tended to lose ground faster, which makes the timing of the whale transfers more consequential than the dollar amount alone.
What the data shows
SOL was trading at $99.89 at the time of reporting, down 5% over seven days, 17% over 30 days and 51% over the past year. The token sits about 66% below its record of $293.31, set on Jan. 19, 2025. Bitcoin, meanwhile, hovered near $79,590, down almost 6% over a month, and Bitcoin.com News reported that the largest cryptocurrency was clinging to $80,000 with most moving averages tilted bearish.
On the prediction market Manifold, a contract asking whether SOL would close above $100 on Oct. 31 opened on Oct. 20 at 63% odds, when SOL was trading near $104. On the network side, roughly 71% of circulating SOL is staked, which reduces the float available to sell quickly, and Circle has minted $112 billion of USDC on Solana so far in 2026, nearly double the total for all of 2025.
Background
Solana's chart shows a retreat from October highs around $125 to $130, with price returning to the $100 area. Coinpedia identified $97 to $100 as the first zone to watch, with support near $98.50 and a deeper demand area between $93 and $96 if that gives way. A recovery back above $100 and through the $102 to $105 resistance band would suggest buyers are regaining short-term control.
Institutional activity has continued despite the pullback. JPMorgan recently brought tokenized money market funds to Solana for U.S. investors. The network has also faced setbacks: Bitcoin.com News reported that a Solana trading bot was hacked for close to $1 million, with the breach draining 49 wallets belonging to nine users, and BNB Chain recently overtook Solana in tokenized equity volume.
What is still unclear
It remains unconfirmed whether the three wallets belong to a single entity, and no sales have been verified, only deposits to exchanges. The difference between the reported remainder of 310,798 SOL and the roughly 291,700 SOL visible in the wallets has not been explained by either outlet, leaving open whether some tokens are in transit or held elsewhere.
What to watch
Traders will be watching whether the remaining SOL reaches exchanges and whether buyers defend the $97 to $98 area. A decisive break lower would put the $93 to $96 zone in focus, while a sustained move back above $100 and into $102 to $105 would ease immediate pressure. Bitcoin's ability to hold $80,000 is likely to shape how high-beta tokens like SOL trade in the coming sessions.
Questions readers ask
Has the whale actually sold the SOL?
Not according to the reports. Onchain trackers have confirmed deposits to exchanges, but a deposit does not prove a sale has taken place.
Do the three wallets definitely belong to one owner?
No. Analysts suspect a single holder because the addresses were created at the same time and hold near-identical balances, but common ownership has not been established.
Which price levels are traders focused on?
Coinpedia flagged $97 to $98 as immediate support, with $93 to $96 below it, and $102 to $105 as resistance to clear for a recovery above $100.
