A significant Solana whale, dormant for approximately five months, has re-entered the market with a major on-chain move. According to data from Onchain Lens, the entity withdrew a total of 50,000 SOL, valued at roughly $4.25 million, from the centralized exchanges Binance and Bybit.
Critically, the assets were not transferred to a cold wallet for storage or sent to another exchange for potential sale. Instead, the whale immediately directed the entire sum into liquid staking protocols on the Solana network. This action signals a long-term, bullish conviction in Solana, as the holder opts to earn staking rewards while maintaining exposure to the asset's price appreciation.
This move represents a strategic shift from centralized trading to on-chain participation. Large withdrawals from exchanges typically reduce immediate sell-side pressure on the open market, potentially creating a supply crunch. By choosing to stake, the whale is contributing to the network's security and decentralization while seeking yield.
The reactivation comes just days after a contrasting large-scale unstaking event reported by Whale Alert, where over 1.5 million SOL (worth more than $125 million) was unlocked from an unknown wallet on February 20, raising short-term supply concerns. The new staking activity helps counterbalance that narrative.
At the time of the reports, Solana's price was trading around $84.90, having recently rebounded from a low near $79.58. Analysts note that while buyers attempted to push the price above $86, momentum remained limited, with key resistance seen near the $113 level.
