Solana Price Dips Under $100 as SOL Whale Is Quietly Dumping $49M

Three Wallets Appear

The trail starts on the evening of Oct. 23 when, within a span of two minutes, three brand-new Solana addresses recorded their first transactions. Nobody has claimed them and Arkham has them listed as wallet A, wallet B, and wallet C (without a label).

Onchain analysts subsequently connected the dots earlier today, claiming that the wallets, possibly belonging to the same whale who had moved 482,228 $SOL worth $49.17 million over three days, all with the intention to sell.

The selling has been steady rather than sudden, and according to Lookonchain, 171,430 $SOL, about $17.3 million, has already been deposited to various exchanges. The methodology is quite common (i.e., splitting coins across fresh addresses and feeding them in slices) and is used to contain slippage and avoid spooking order books.

Lastly, as of Oct. 27 04:20 UTC, Solscan records show that all three wallets were still sending transactions.

What Amount Is Still Sitting

A balance check on the three addresses tells us how much ammunition is left, and as of a few hours ago, they held roughly 96,743 $SOL, 97,639 $SOL and 97,312 $SOL. That adds up to about 291,700 $SOL, or around $29 million at current prices.

The near-identical balances look like the whole process was carried out with a bigger plan in mind. If the pattern holds, the remaining $29 million is the next slice headed for exchanges.

The Backdrop of $SOL Being at $100

From the outside looking in, the whale is selling into weakness, not strength, given that $SOL is currently trading at $99.89, down 5% over seven days, 17% over 30 days and 51% over the past year. The token sits about 66% below its $293.31 record from Jan. 19, 2025.

The $100 line has turned into a coin flip, with Manifold’s market asking “whether $SOL will close above $100 on Oct. 31” showing 63% odds when it opened on Oct. 20, back when $SOL was near $104.

The wider market is not helping either, as bitcoin’s price has continued to hover around $79,590, down nearly 6% in a month. Bitcoin.com News reported that bitcoin is clinging to $80K with most moving averages tilted bearish.

When the market leader stalls, high-beta tokens like $SOL tend to bleed faster.

Who Is on the Other Side?

There are buyers, and some fundamentals look sturdier than the chart. Roughly 71% of $SOL in circulation is staked in circulation is staked, which shrinks the float that can be sold quickly. Circle has minted $112 billion USDC on Solana so far in 2026, nearly double all of 2025.

Institutions have kept building too, as JPMorgan just brought tokenized money funds to Solana for U.S. investors.

The network, however, also has headaches and a Solana trading bot was recently hacked for nearly $1M. Lastly, BNB Chain recently topped Solana in tokenized equity volume.