[DigitalToday reporter Yoonseo Lee (이윤서)] Solana has fallen about 12 percent over the past week, showing the weakest performance among the top 10 cryptocurrencies by market value.

BeInCrypto, a blockchain media outlet, reported on May 19 (local time) that downside pressure on Solana increased as whale selling and institutional outflows coincided amid broader market weakness.

This decline is not explained by a simple market correction. Macroeconomic and geopolitical uncertainty has weighed on risk assets overall, but Solana has fallen more than other large cryptocurrencies as cashing-out by large holders added to the move.

On-chain analytics platform Lookonchain said a holder who has staked 991,079 SOL for more than 5 years recently sold 30,000 SOL worth about $2.56 million. The wallet began trimming holdings about a year ago and is estimated to have disposed of a total of 965,274 SOL worth about $137.7 million so far. It is also reported that 381,140 SOL remains staked.

Loss-cutting sales by another whale were also confirmed. Trader 'GyBRmk' sold 21,911 SOL worth $1.85 million after holding for more than 2 years, locking in a loss of $1.05 million. Lookonchain explained that the account accumulated and staked 20,200 SOL over the past 2 years at an average cost of about $144 and received 1,711 SOL in rewards, but still ended up with a $1.05 million loss as Solana fell.

Selling from within the ecosystem has also increased again. Meme-coin issuance platform Pump.fun resumed SOL outflows that had been halted for 9 months. Lookonchain pointed out that Pump.fun deposited 174,408 SOL worth about $14.76 million to Kraken, and that 117,877 SOL worth about $9.96 million of that was likely already sold.

Actual trading flows were also detected. A newly created wallet '35qaEz' withdrew the same amount of SOL from Kraken, swapped it for 9.96 million USDC at an average of $84.52, and then deposited the stablecoin back to an exchange. Lookonchain said Pump.fun sold a total of 4.19 million SOL at an average of $181 from May 19, 2024 to Aug. 12, 2025, with a cumulative total of $757 million.

Institutional flows were also weak. According to a 13F filing submitted to the U.S. Securities and Exchange Commission (SEC) by Goldman Sachs, the company fully exited its holdings of a spot Solana exchange-traded fund (ETF) and a spot XRP ETF in the first quarter of 2026.

With dispersed selling by long-term whale holders, the resumption of selling by ecosystem participants and liquidation of institutional positions all overlapping at once, investor sentiment toward Solana has become more subdued. With the overall market failing to find momentum for a rebound, Solana is showing a bigger supply-demand burden than other large cryptocurrencies.

Trader GyBRmk sold 21,911 $SOL($1.85M) after holding for over 2 years, taking a $1.05M loss. Over the past 2 years, he accumulated 20,200 $SOL($2.91M) at ~$144 and staked them, earning 1,711 $SOL ($145K) in staking rewards. But as $SOL fell, he still ended up losing $1.05M.… pic.twitter.com/vavmt7pOZ0