A Solana whale moves $100M in SOL, raising concerns about selling pressure as traders watch for further downside in the Solana market.
Author: Akshay
29th October 2026 – A mysterious Solana whale moved 1.02 million SOL to major exchanges over five days. The haul is worth about $104 million, according to blockchain tracker Lookonchain.
High Signal Summary For A Quick Glance
Coach K | Ichimoku Trader
@Coachkcrypto
@SolanaFloor That’s massive selling pressure on SOL.
INSIGHT: A Solana wallet has sold over 1 million $SOL in the past 5 days, worth more than $100M. https://t.co/Y4ZmqoyGQm
10:25 AM·Oct 29, 2026
Angel ✦
@aangel
@SolanaFloor a million sol in 5 days lol who is even selling that much
INSIGHT: A Solana wallet has sold over 1 million $SOL in the past 5 days, worth more than $100M. https://t.co/Y4ZmqoyGQm
10:18 AM·Oct 29, 2026
High attention and emotional sentiment detected.
The wallets sent that SOL to seven centralized exchanges. Analysts flagged the flow on Oct 29 as one of the largest single-cluster SOL moves in recent weeks. So far, the owner behind it stays anonymous.
Lookonchain reported the 1.02 million SOL figure early on Oct 29. Shortly after, SolanaFloor echoed it, noting the wallet sold over 1 million SOL worth more than $100 million.
The deposits landed across Binance, OKX, Bybit, Kraken, Gate, Bullish, and Bitstamp. According to the data, the tranches arrived in steady chunks. Amounts clustered near 3,000, 5,000, and 10,000 SOL rather than one giant block.
Every move ran through Fireblocks Custody wallets. As a result, analysts grouped the addresses into a single cluster. Arkham tagged that cluster with an unverified custom label, “SOL Dumper.”
This activity also builds on earlier reporting. On Oct 27, Lookonchain tracked roughly 482,000 SOL from three related wallets, with about 171,000 already sitting on exchanges.
The cluster spans several addresses, including one that starts 3FsDqk. At one check, that single wallet still held about 23,700 SOL, so the operator clearly had more to move.
Lookonchain tracked approximately 1.02 million SOL, worth $104.3 million, moved or deposited by Fireblocks Custody-linked wallets over roughly five days ending October 29, 2026. Public checkpoints show a gradual series of exchange transfers while SOL traded near $100–$105; exact daily transaction totals were not publicly itemized.
During the first part of the tracked window, approximately 482,228 SOL, valued at $49.17 million, had moved from the identified wallet cluster. Of this amount, around 171,430 SOL, worth approximately $17.3 million, had been deposited to exchanges. Roughly 310,000 SOL remained in the cluster at the intermediate checkpoint reported on October 27 at 01:41 UTC.
SOL trades within an approximate $98.6–$105 range during the early window. Daily closes remain around $100–$102, with no sharp price crash identified alongside the reported transfers.
Additional activity brings the cumulative amount moved or deposited to approximately 1.02 million SOL, worth $104.3 million. This implies roughly 538,000 additional SOL during the final part of the window, although the public checkpoints do not establish an exact daily split.
Arkham screenshots reportedly show smaller transfers, often around 3,000–10,000 SOL per clip, directed toward exchanges including Binance, OKX, Bybit, Kraken, Gate, Bullish, and Bitstamp. The activity is consistent with paced custody-wallet transfers rather than one large block transaction, but individual tranche totals require address-level verification.
SOL remains broadly within an approximate $99–$103.9 range during the later window. October 29 trading reaches an intraday low near $99.26, while the reported average price across the full 1.02 million SOL is approximately $102.
Lookonchain reports a cumulative total of approximately 1.02 million SOL, valued at $104.3 million, moved or deposited by the tracked wallets. SOL remains near $100 at the end of the reported window, without a sharp crash coinciding with the activity. Transfers to exchanges do not, by themselves, confirm that every token was sold.
The two Lookonchain checkpoints do not provide a complete day-by-day breakdown or confirm the exact execution time and price of every sale. Verifying each tranche requires reviewing the relevant Fireblocks-linked addresses and transactions on Solscan or Arkham.
The headlines say “dumped,” yet the on-chain record shows deposits to exchange wallets. In other words, the Solana whale sent coins to venues where selling becomes possible. Still, the data alone does not confirm every sale.
Analysts build these clusters from shared funding, custody labels, and deposit timing. Because the method leans on patterns, the label stays a strong read rather than a confirmed identity.
Deposited tokens can sit idle, move to an over-the-counter desk, or route elsewhere. Because of that gap, the exact split between confirmed sales and simple transfers stays unknown.
The gradual pace also matters. Traders often spread large orders into small tranches to limit slippage. Consequently, a paced distribution tends to pressure the market less than one sudden block sale.
For readers, the takeaway is simple. Treat the “dump” framing as analyst shorthand, not as proof that all 1.02 million SOL hit open order books.
Fireblocks is an institutional custody provider. Funds, exchanges, and large holders use it, so the signature points to a professional operator rather than a retail trader.
Still, no one has confirmed the identity. Analysts have not tied the cluster to the FTX estate, a venture fund, or the Solana Foundation. The “SOL Dumper” name describes behavior, not a verified owner.
Context helps frame the scale. Roughly 74% of all SOL sits staked, which thins the liquid supply. Therefore, a seven-figure SOL flow to exchanges draws outsized attention from on-chain watchers. In short, a thinner float makes every large deposit look louder.
Meanwhile, the broader backdrop includes ongoing estate payouts and vesting unlocks across the market. Even so, analysts have linked none of those threads to this specific cluster.
One reply under the Lookonchain post argued the pattern looks like a fund selling on a schedule. That reading fits the Fireblocks setup, though it remains speculation until someone confirms the source.
Despite the size, SOL held a tight range. The token traded between roughly $99 and $105 across the five-day window. On Oct 29, it changed hands near $100 to $102, down about 2% on the day.
Volume stayed steady too. Major trackers showed 24-hour turnover near $2.6 billion to $2.8 billion. Meanwhile, the seven-day change sat around negative 3% to 4%.
Analysts also watch where the coins go, not just how many. Each deposit address on Arkham links to a known exchange. As a result, the cluster reads as a possible sell rather than a routine wallet shuffle.
Solana’s market cap held near $59 billion on a circulating supply of about 590 million SOL. So far, the deposits have not triggered a sharp or obvious crash in the price.
That said, large exchange inflows can still weigh on sentiment. This article is not financial advice, and traders should confirm on-chain claims through an explorer before acting.
The cluster still held about 122,000 SOL, worth roughly $12 million, at one recent check. Because of that balance, more deposits could follow if the operator keeps the same pace.
For now, the smart move is to watch the exchange deposit addresses and the remaining wallet balances. Any fresh Fireblocks outflow would signal that the Solana whale is not done yet.
Major outlets had not independently confirmed the sell-off as of Oct 29. For now, the primary record remains the on-chain data from Lookonchain, SolanaFloor, and Arkham. Follow those trackers for the next update.
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