A wallet tied to defunct crypto exchange FTX unstaked over 186,000 Solana (SOL) tokens on Friday, fueling speculation of another potential selloff.
The transaction, valued at approximately $21.5 million, marks the latest in a series of asset unlockings by the bankrupt exchange as it seeks to repay creditors.
Last month, the same wallet, labeled “FTX/Alameda Staking,” unstaked a nearly identical amount of SOL, which was eventually moved to unknown wallets โ a move that previously coincided with market pressure.
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In total, FTX and its hedge fund Alameda have unstaked more than 3 million SOL. Once unstaked, the tokens become liquid and can be sold on the open market, raising concerns about downward pressure on SOLโs price.
Solana (SOL) Price Shows Strength
Despite the sizeable release, Solanaโs price climbed slightly, gaining 3.57% over the past 24 hours to trade at nearly $119 on Friday.
Solana even overtook USD Coin (USDC), the second-largest stablecoin, with a market value of $60.9 billion โ securing its spot as the sixth-largest crypto.
However, trading activity took a hit, with daily volume sliding nearly 30% to $4.22 billion โ signaling a more cautious tone among traders.
Technical Indicators Point to Critical Price Level
SOL traders and investors are closely watching Solanaโs price action as itโs showing signs of strength.
Crypto trader CryptoRand says Solana has recently rebounded strongly off a lower price level, and is now testing a major resistance zone at $125.
According to him, if Solana can convincingly break above the resistance, it could signal the end of the downtrend and start a larger upward move.
Markets Rebound After Trump Pauses Tariffs
Financial markets, including crypto, were shaken earlier this week by growing concerns over a trade war initiated by President Donald Trump.
The trade conflict, which affected numerous countries worldwide, raised fears of economic disruption.
However, Trump’s decision to pause most new tariffs for 90 days helped ease those fears, leading to a surge in buying across stock and crypto markets.
Solana’s Growth Prospects Amid Market Rebound
If global markets regain stability, Solanaโs prospects will look increasingly promising. Investor sentiment is bolstered by discussions surrounding Solana-based exchange-traded funds (ETFs) and the potential inclusion of SOL in a proposed U.S. national digital asset reserve, both of which could provide significant growth momentum.
Additionally, the upcoming Firedancer upgrade, slated for a full mainnet release in 2025, is expected to enhance Solana’s performance and reliability, further solidifying its position within the crypto market.
Why This Matters
While FTXโs asset movements continue to cast uncertainty over the market, Solana shows surprising strength. With macro tensions cautiously cooling and major upgrades on the horizon, traders may be eyeing an opportunity.
