FTX Unstakes 190,821 SOL Tokens Amid Solana Price Surge
A wallet associated with the collapsed exchange FTX and Alameda Research has unstaked 190,821 SOL tokens, valued at approximately $35.52 million. This transaction occurs during FTX's bankruptcy process as it liquidates assets to repay creditors. Speculation surrounds the future of these tokens, with potential destinations including BitGo Custody for management or direct distribution to creditors.
FTX and Alameda still retain over 4.34 million SOL, worth about $797.25 million, locked in staking positions.
Solana’s Technical Breakout
The unstaking coincides with Solana breaking out of a multi-year “cup & handle” pattern. Currently, SOL trades around $184, up over 12% in the past week. Analyst Ali Martinez predicts a potential rally towards $1,315 if the bullish trend continues.
Additionally, Solana is advancing network upgrades through the Solana Improvement Document 0286 (SIMD-0286), aimed at enhancing transaction and smart contract capacity. The network already increased its block capacity by 20% last month, with further upgrades anticipated by year-end.
SOL Price Outlook
The daily SOL price chart indicates moderate bullish momentum, with RSI levels suggesting no overbought conditions. Current pricing trends near the upper Bollinger Band indicate possible upward pressure:
- Breaking immediate resistance at $195 could target the $200-$210 zone.
- A rejection near the upper band may lead to a pullback towards a mid-band support around $176.
- Further support exists at $158.
SOL remains 37% below its all-time high of $294 reached in January. Traders express optimism due to various catalysts aligning.