Solana has dropped about 12% over the past seven days, the steepest decline among the top 10 cryptocurrencies, as a wave of whale sell-offs, renewed token dumping from meme-coin factory Pump.fun, and Goldman Sachs' exit from its spot Solana ETF positions converge with a broader risk-off mood.
Whales move big chunks
A staking whale who locked up nearly 1 million SOL more than five years ago just sold another 30,000 SOL — worth roughly $2.56 million. Over the past year, that same address has offloaded a total of 965,274 SOL, or about $137.7 million. It still holds 381,140 SOL staked, valued at around $32.4 million.
Another whale, wallet address GyBRmk, sold 21,911 SOL ($1.85 million) after holding for over two years. The sale came at a $1.05 million loss.
Pump.fun restarts outflows after nine months
The meme-coin launchpad Pump.fun has resumed sending SOL to exchanges, ending a nine-month pause. On Tuesday it deposited 174,408 SOL ($14.76 million) to Kraken and appears to have sold 117,877 SOL of that — about $9.96 million. From May 2024 through August 2025, Pump.fun had sold a total of 4.19 million SOL at an average price of $181, netting roughly $757 million.
Goldman Sachs bails on Solana and XRP ETF positions
Goldman Sachs fully exited its spot Solana and XRP ETF positions in the first quarter of 2026, according to its latest 13F filing. The move removes a major institutional holder from those funds, though the bank did not disclose its reasons in the filing.
Macro clouds add to the pressure
Macroeconomic and geopolitical uncertainty have weighed on the broader crypto market this week, but Solana has taken a disproportionate hit. The timing of these exits — from whales, a major protocol treasury, and a Wall Street giant — has made it the worst performer among the top 10.
Whether the selling pressure will ease remains an open question. Pump.fun's resumed outflows alone could keep supply elevated in the near term.
