Solana Prepares for $870M SOL Token Unlock

Solana is gearing up for a major event: the release of approximately 10.18 million SOL tokens from liquid staking protocols, valued at around $870 million based on current market prices. This isn't a standard scheduled unlock but rather a withdrawal that transforms previously locked assets into freely tradable supply, potentially increasing short-term selling pressure on the SOL price.
Traders are closely monitoring on-chain activity, as transfers to major exchanges like Binance or Coinbase could signal imminent sales, straining key support levels around $79.50–$82. If the tokens are restaked or held off-exchanges, the market might absorb the influx without major disruption, possibly leading to a bullish rebound toward $88–$92.
Recent data shows long-term holder accumulation down 65% in February, adding to caution amid this supply event. While Solana's history includes past unlocks without crashes (e.g., 2021's 320M SOL surge), the current volatile conditions heighten risks.