Solana Faces Selling Pressure as Bankrupt FTX Unstakes $21.56M in SOL
Amid a broader crypto market downturn, bankrupt exchange FTX has unstaked a significant amount of Solana (SOL), sparking concerns over potential selling pressure. With $21.56 million worth of SOL now liquid and an additional $8.59 million set to unlock soon, traders are wary of further price declines.
Bankrupt FTX Exchange Unstakes $21.56M Worth of SOL – Potential Market Impact?
The cryptocurrency market is experiencing a strong bearish sentiment due to ongoing economic turmoil, with the bankrupt crypto exchange FTX continuing to impact the market. In its latest move, FTX unstaked 186,300 SOL (worth $21.56 million), raising fears of a potential sell-off. Additionally, another 73,700 SOL ($8.59 million) is set to unlock on May 1. With such a large supply hitting the market, there are concerns that this could push Solana’s price back down. According to blockchain analytics platform Arkham, FTX/Alameda unstaked the SOL, suggesting a potential sell-off which could further impact the market sentiment.
Solana Whale Initiates 32,000 SOL Purchase, Potential Price Breakout?
Price fluctuations are common in the digital asset market, particularly for coins like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Investors often monitor price actions and sell assets during uncertain times to avoid large losses. However, a notable Solana whale has demonstrated a different strategy. According to a Lookonchain update, this whale has purchased 32,000 SOL worth $3.72 million. This is not the first time this whale has made significant purchases, as they previously acquired 30,541 SOL for $6.61 million approximately three years ago when SOL was trading at $216 per coin. The whale’s continued accumulation of SOL despite heavy losses indicates long-term conviction in the project.
Crypto Bull Doubles Down On Solana, Swoops 32,000 SOL, Will Price Uptick Sustain?
A crypto whale has accumulated 32,000 Solana (SOL) tokens worth about $3.72 million, following a significant leap in crypto prices. Digital assets spiked alongside traditional assets as bulls looked to recover losses from the start of the week. Whale inflows and institutional demand dominated day trading, with bull metrics back in play this quarter. According to blockchain analytics firm Lookonchain, the whale made the purchase six months after his last acquisition of 39,310 SOL tokens and has consistently supported Solana across various price cycles. Previously, he stunned the community by purchasing 30,541 SOL when the asset traded at $216, costing him $6.6 million.
FTX Unstaked 186,000 SOL Tokens—Should You be Worried about the Upcoming SOL Price Rally?
The markets are recovering from trade-war turmoil, dragging the Solana price below $100 but failing to sustain below that range. The SOL price reclaimed $120 and has been consolidating, aiming to reclaim the crucial resistance at $125, which could pave the way to $135. However, if selling pressure mounts, the token may face a significant setback. Solana was heavily exposed after the collapse of the FTX exchange in 2022.
Solana, Kaspa, and Sonic Drive Altcoin Surge
The crypto market is experiencing a surge on Friday, with Bitcoin up around 4%. Among the leading altcoins, Solana (SOL), Kaspa (KAS), and Sonic (SONIC) are outperforming. SOL is nudging through its descending trendline from the $294 all-time high in January. The price has settled above the $112 horizontal support, with the $122 resistance overhead. Zooming out to the weekly timeframe, SOL is close to a definitive breakout.
