Lookonchain
A Solana OG who locked 991,079 SOL into staking more than five years ago has sold another 30,000 SOL — roughly $2.56M at the time of the move — bringing total sales over the past year to 965,274 SOL, worth about $137.66M at an average price near $143. Roughly 381,140 SOL (~$32.4M at current prices) remains staked, meaning the wallet has now exited roughly 97% of its original position.
Why it matters
The pace, not the size, is the real story. The wallet has been selling for over a year at a fairly steady cadence, suggesting this is a structured unwind rather than a panicked exit. For a position staked in Solana's earliest days, the cost basis is effectively zero — every SOL sold is pure realized gain, and the remaining 381,140 SOL is the only overhang still in play.
Market impact
The pattern is more useful as a sentiment read than as a flow shock. With ~$32.4M still staked, there's a known ceiling on the remaining supply this wallet can release. Traders tend to track the wallet's on-chain moves as a proxy for OG conviction: as the balance approaches zero, the "early holder selling pressure" narrative fades and that overhang effectively rolls off. The sub-$3M daily print, on top of $137.66M already distributed, suggests the largest block of supply is now behind, not ahead.
Frequently asked questions
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How much SOL did the OG actually sell in this latest move?
The wallet sold 30,000 SOL worth roughly $2.56M at the time of the transaction, according to on-chain data referenced in the post.
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How much SOL has this wallet sold in total?
Over the past year, the wallet has sold 965,274 SOL at an average price of approximately $143, totaling about $137.66M in realized proceeds.
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How much SOL is still staked by this wallet?
Roughly 381,140 SOL — worth about $32.4M at the time of the post — remains staked in the original position, meaning about 97% of the original 991,079 SOL has been sold.
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What was the original SOL position?
The wallet staked 991,079 SOL more than five years ago, making it one of the earliest large stakers on Solana with a cost basis effectively near zero.
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Why does this move matter for SOL price?
It is a sentiment and supply-overhang read more than a flow shock. The steady year-long distribution and shrinking remaining balance (~$32.4M) suggest the largest block of selling pressure from this wallet is now behind, not ahead.
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