More than $800M worth of SOL is due to be unstaked early Wednesday as stakers rush to exit their positions, according to solanacompass.com. There’s about 76% of eligible SOL tokens currently being staked on the blockchain. The scheduled unlocked tokens represent around 15% of the token’s circulating supply in a single unlock.
According to Solana Compass, an unprecedented amount of SOL tokens are currently in the process of being unstaked. The website currently says that 34,036,798 SOL tokens are listed as “deactivating,” meaning that at the start of the next epoch, these tokens will become unlocked. Solana has a total supply of 533,113,807 tokens (per CoinGecko). In other words, over 8.8% of the token’s supply could be dumped on the markets soon.
The flood of SOL is expected to provide much-needed liquidity. But, with Solana’s market cap dropping below $5B on Tuesday, there are also fears that a fire sale would decimate SOL’s remaining value.
SOL's price recently plunged 42% to less than $14 in the past 24 hours. SOL’s funding rates sharply dropped as low as -4% on Wednesday in anticipation of the unlock, according to Coinglass.