An unlock does not mean every released token will enter the open market. Token holders can retain their SOL, move it into staking, delegate it to validators, or transfer it between private wallets without selling.
Therefore, the full dollar value should not be treated as immediate sell-side supply. Actual pressure will depend on how recipients manage the tokens after they become available.
Solana’s staking system allows holders to delegate SOL to and receive rewards. The Solana Foundation also runs a delegation program that supports hundreds of validators across the network.
This structure means some released tokens “may remain outside exchange order books.” However, wallet movements following the release will provide clearer evidence about whether holders plan to stake, retain, or sell their SOL.
