The value of assets held by a Solana (SOL) staking whale that once exceeded $300 million has fallen back to the initial investment level as the market declines, data showed. At the same time, the movement of large volumes to exchanges is raising market concerns about possible additional selling pressure.

According to blockchain media outlet Cryptopolitan on June 8, Arkham Intelligence is tracking a wallet as a “SOL staking whale” that now holds 399,327 SOL. Its current valuation is about $26.46 million, down to around the initial investment size of about $26 million.

The whale investor is known to have logged a huge unrealised gain during Solana’s bull market. The value of its holdings once surged to $337 million, more than 12 times the initial investment. Much of that has since been given back amid a recent pullback in Solana’s price.

The investor did manage to take some profits during the upswing. Rather than selling the position all at once, it sold in stages through Kraken and Binance, among others, and cumulative withdrawals totalled $137.67 million, the data showed. That is interpreted as a strategy to maintain staking income while recouping principal and reducing risk exposure.

Selling pressure has been detected again recently. On-chain data showed that about $23 million worth of SOL moved to exchange deposit addresses over the past 4 months. In particular, repeated cases were spotted in which large batches of 50,000 to 120,000 SOL were unstaked and then sent to exchanges.

Another anonymous whale wallet also transferred about 1.35 million SOL, worth $84.06 million, to Coinbase Institutional, data showed. The market is interpreting such large-scale moves as a signal that raises the likelihood of future selling.

Price action is also weighing on sentiment. As of the time of writing, Solana was trading at $66.09, barely holding near $66, which the market sees as a psychological support level.

Supply and demand indicators were mixed. CoinGlass data showed spot market inflows of $48.32 million and outflows of $38.76 million, resulting in a net inflow of $9.56 million. Some buying interest is seen as preventing losses from widening even as additional supply comes in.

Volatility risks are rising in derivatives markets. Solana futures open interest rose 7.87 percent to $4.5 billion. While the spot price weakened, futures positions increased, which is analysed as a rise in the number of investors expecting a large price move ahead.

Institutional fund flows were somewhat negative. Related investment products posted net outflows of $6.52 million last week, halting a four-week streak of inflows. SosoValue said the end of that rotation could increase additional downside pressure.

Funding rates also recorded the most negative level since late February, and the long-short ratio was tallied at 0.95, showing that short positions have strengthened their lead.

Longer-term views are mixed even as the broader market faces pressure. Some analysts see Solana’s average price in 2026 at $139.73 even after the recent drop, with an upper end as high as $217.03. In the short term, a key variable will be whether supply-demand pressure persists as large wallets move to exchanges, spot net inflows continue and institutional money flows out.