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- Solana saw 186,300 SOL (~$21.56M) unstaked from FTX and Alameda-linked wallets, raising fears of a potential sell-off.
- Another 73,700 SOL (~$8.59M) is scheduled to unlock on May 1. This adds to the market’s anxiety.
- Solana’s price hovers near key support at $110; a breakdown could trigger a deeper correction.
As bearish winds continue to sweep through the cryptocurrency market, the specter of FTX still looms large. The collapsed crypto exchange has once again stirred market concerns. It unstaked a sizable amount of Solana (SOL), reigniting fears of a potential sell-off.
According to data from blockchain analytics firm Arkham, wallets linked to FTX and Alameda Research recently unstaked 186,300 SOL. The tokens were worth approximately $21.56 million and came from a staking account. The transaction, although not yet followed by an on-chain sale, has sent jitters through the market.
Investors are closely watching the situation, unsure whether FTX intends to liquidate the newly freed-up tokens or if this is simply a preparatory move for future action.
Adding fuel to the fire, another 73,700 SOL (worth about $8.59 million) is scheduled for unlocking on May 1, according to the Solana Portal. Many are questioning how much more selling pressure Solana can handle. Both unstaked and soon-to-be-unlocked tokens may soon enter circulation.
Despite the recent activity, the FTX estate still controls a substantial 5.36 million SOL (worth an estimated $619 million) in a staked state. These tokens remain locked for now, but their eventual release could become another market-moving event.
Given FTX’s ongoing liquidation process as part of its bankruptcy proceedings, many analysts believe additional sell-offs are not just possible but likely in the coming months.
Solana Price Targets 145 or 110 Breakdown
While Solana remains resilient for now, the market is on edge. Currently, Solana’s price is $ 118.16, with a 24-hour trading volume of $ 9.64B and a market cap of $ 60.96B. The SOL price increased by 3.10% in the last 24 hours. However, technical indicators suggest the situation could go either way.
Since March 2025, SOL has been trending downward, testing lower highs and approaching a key support level at $110. If that level fails, it could trigger a deeper correction. But if the bulls defend this range, Solana could bounce back toward $127 and possibly even $145 in the near term.
With a market capitalization nearing $60 billion, Solana holds its position as the sixth-largest cryptocurrency, meaning its price action carries weight across the broader altcoin landscape.
The crypto community remains divided. Some see the FTX unstaking as a signal of an impending dump. Others argue that the tokens may be moved for custody or legal processing purposes rather than liquidation.
Either way, the timing of these events set against a backdrop of global economic uncertainty and crypto market weakness makes for a volatile cocktail. The next few weeks will be critical in determining whether Solana can weather the storm or if more pain lies ahead.
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