That whale address that hoarded 990,000 SOL for a full four years has made new moves recently. Just 20 minutes ago, it transferred another 100,000 SOL to a major exchange—this has been its operation pattern for several months now.

First point: is this really panic selling?
They built their position at a very low cost four years ago, and are now gradually reducing it in batches at an average price of $175, still steadily holding 730,000 SOL. More importantly, they've earned an extra 350,000 SOL just from staking rewards alone. What does that mean? They’re improving their lifestyle just with the profits, without even touching the principal. Someone operating like this clearly hasn’t lost confidence in the project.

The second point is even more interesting.
There’s still nearly $100 million worth of SOL sitting in their account. If they were really exiting the market, would they spend eight months slowly selling? This pace looks more like they’re managing their portfolio structure, while also testing the market’s capacity to absorb. The real big players quietly stake and lock up their holdings—their time horizon is measured in years.

What about the data? SOL’s on-chain activity remains leading, technical upgrades have made performance strong, and the spot ETF has already been approved—all hard fundamentals. The current price is fluctuating around $134, with key support levels at $130 and $128. If it can regain footing above $138–$140, there could be a rebound window.

Every whale transfer triggers market discussion, but think calmly: are you scared off by short-term volatility, or do you understand the logic behind it? Sometimes, the lessons the market gives are worth more than any research report.

Here’s the question—how would you interpret this kind of continuous selling while still holding a large position?