FTX/Alameda Unstakes Over $1B in Solana – Is a Major Price Shift Coming?
Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...
FTX/Alameda recently unstaked over $1 billion worth of Solana (SOL), raising concerns about potential market impact. Despite this, Solana has remained resilient, trading near $137.77 and reaching a high of $139.76.
Broader market optimism, fueled by expectations of a Fed rate cut, has supported this bullish trend, though increased SOL supply may create future selling pressure.
Despite the recent news of FTX/Alameda unstaking over $1 billion in Solana (SOL), the coin has surprisingly maintained its bullish momentum. SOL held strong near the $137.77 mark, even reaching an intra-day high of $139.76.
This resilience is largely supported by broader market optimism, as the global crypto market cap surged by 3.31% to $2.11 trillion, with a total volume increase of 8.6% to $66.54 billion.
The market’s positive sentiment is partly driven by expectations of a Federal Reserve rate cut ahead of the upcoming FOMC meeting. U.S. Producer Price Index (PPI) data, which came in slightly above expectations at 0.3%, further boosted confidence in risk assets.
As a result, Bitcoin crossed the $60K mark, with the overall crypto market following this bullish trend. However, FTX/Alameda’s massive withdrawal of SOL could introduce significant selling pressure, potentially limiting further gains. This large unstaking event may weigh on SOL’s upward trajectory in the near future.
FTX/Alameda has unstaked more than $1 billion of Solana (SOL) over recent months. In the past three months alone, 530,000 SOL, valued at $71 million, have been unstaked,
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