Solana has experienced its largest single-day token unlock, with more than $200 million worth of SOL entering circulation as investor interest in the network weakens.

According to blockchain analytics platform Arkham Intelligence, over 1.3 million SOL tokens were released from staking on April 4. The firm reported that this is the biggest single unlock of staked SOL expected until at least 2028.

These tokens were initially staked in April 2021, when their total value stood at $37.7 million. The holders are up nearly fivefold from their original positions at current market prices.

Further data from Onchain Lens shows that approximately 425,000 SOL, worth nearly $50 million, have already been unstaked.

Of that amount, more than 280,000 SOL tokens, valued at around $33 million, were quickly transferred to centralized exchanges, including Binance, Coinbase, and Kraken. This activity suggests that some holders may be preparing to take profits or exit positions.

Meanwhile, this token release follows another large unlock in March when the FTX bankruptcy estate released 11.2 million SOL worth $1.3 billion.

Earlier this month, FTX also received an additional 12,687 SOL, valued at around $1.47 million, indicating the continued movement of assets tied to the failed exchange.

Solana network activity fades

The token unlock comes during a broader decline in Solana’s network activity.

After briefly overtaking Ethereum in decentralized exchange (DEX) volume earlier this year, Solana’s dominance has since dropped to levels last seen in late 2024.

DeFiLlama data shows that DEX volume on Solana plummeted 80% to $52 billion in March, down from a peak of over $250 billion in January. The network’s total value locked (TVL) has also halved from a January peak of more than $12 billion to just $6.4 billion.

Market analysts attribute this decline to fading memecoin speculation, which has triggered lower trading volumes, reduced liquidity, and shrinking network revenues.

In line with these developments, SOL’s price has taken a hit. CryptoSlate data shows that the token dropped over 4% in the past day, underperforming the broader crypto market. SOL fell to a low of $112 but has slightly recovered to around $118 at the time of writing.

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