Crypto whales are offloading huge Solana (SOL) tokens as the aftermath of President Donald Trump’s tariffs kicks in. This becomes a significant hurdle to most bulls’ $250 short-term recovery to drive a larger uphill run. The sweeping selloff also affected other digital assets, taking the total market cap below $2.64 trillion, down 3.4%. At the time of writing, Solana trades at $122, recording a 6% surge in the last 24 hours.
Whales Dump Huge SOL Tokens
Solana holders face significant selling pressure as institutional demand declined this week. In the last 24 hours, several large holders moved to hedge losses following signs of another dip. These outflows cut across inflows to centralized exchange, signaling an imminent sale and unstaking in decentralized finance (DeFi) protocols.
On-chain data shows a holder sold 258,646 SOL worth approximately $30.3 million. Another large holder transferred 80,000 SOL worth $9.47 million. These large offloads impacted the wider sentiments throughout the day. Other transactions included a sale of 30,000 SOL and 25,501 SOL tokens worth about $3.53 million and $3 million respectively.
As a result of slipping bull momentum, retail holders joined the offload train. These led to a creeping price below projections before the start of the month. After a downturn in Q1 2025, institutional holders expected a strong start to the second quarter. Plunging whale sentiments come amid expected spot Solana ETFs approval leaving traders at crossroads.
The sales extended to Solana meme coins as top assets extended weekly outflows. TRUMP has plummeted 10.6% this week to $9.23 while BONK and FARTCOIN dropped 13.7% and 15.8% respectively. WIF recorded larger 22% exits in the last seven days as sentiments plunged.
Trump’s Tariffs Restrict Bull Pressure
The recent digital asset market drop is linked to President Trump’s sweeping tariffs. Tech stocks, Bitcoin (BTC), and related assets took a nosedive as traders entered into uncertain territory. While the wider market cap fell over 5%, several assets will mark stronger resistance below the previous support.
On the flipside, altcoins like Solana and XRP, which are on the verge of spot ETF approvals, could flip the red wave. On-chain metrics also point upward despite short-term setbacks. Recently, XRP bulls projected a price uptick above $8 in the cycle peak. At the moment, the asset is being exchanged for $2.04.
