Nearly $1 billion Solana will be unlocked in 24 hours, leads to new crash fear
As Solana continues to decline, 50.7 million SOL staked worth $1 billion is set to be unlocked. This gave rise to new concerns.
Solana (SOL) token, one of the largest cryptocurrencies by market cap, is experiencing massive plummet, by declining to $16 range today. The value loss in SOL approached %60 as of today. As FTX crisis triggered some crashes on the cryptocurrencies, Solana seems to be in a big trouble again.
According to data shared by on-chain analytics platform Lookonchain, large Solana whales are preparing to withdraw their staked SOL assets. There are approximately 50.7 million SOL (worth $980 million) to be unlocked after 20 hours.
SOL assets staked on decentralized platforms with the Epoch protocol can be deposited and withdrawn at certain periods. Unlike the normal staking method, Epoch allows trading in 2-day periods.
Staked assets seem to be the long-term guarantee of many trusted projects. However, the apparent pull-off demand of users who lost confidence in their investments after the recent crises especially FTX crisis reveals the seriousness of investor anxiety about the future of many projects, especially SOL.
According to latest Solana Compass data, the current Solana network epoch known as "Epoch 370" will be completed at 8.30 AM UTC on November 10, which will unlock 50.7 million SOL, which represents %13 of the token's supply. This unlock will be also second-largest volume of tokens to be unlocked in any Solana epoch.
