Solana Price Drops 16% Amid FTX Unstaking of $431.3 Million in Tokens
Solana (https://holder.io/coins/sol/) has faced significant selling pressure, dropping 16% to $136 today amid a broader market selloff and the unstaking of $43 million in SOL tokens by crypto exchange FTX.
FTX and Alameda Unstake SOL Tokens
- FTX and Alameda Research unstaked 3.03 million SOL tokens valued at approximately $431.3 million.
- The tokens were transferred to various wallets, with the largest receiving 892,800 SOL worth roughly $128 million.
- This influx of supply has intensified selling pressure on Solana.
- $257 million was realized in profits, with 99.14% attributed to investors taking advantage of recent price dips.
Source: Glassnode
SOL Price Movement and Market Sentiment
- After an announcement regarding US strategic crypto reserves, SOL briefly surged to $180 but has since dropped back.
- Currently priced at $136.91, daily trading volumes have decreased by 35.82% to $8.77 billion.
- SOL futures open interest fell over 17% to $4.05 billion, with liquidations exceeding $59 million in 24 hours.
- Market sentiment is negative; analysts observe potential volatility as SOL trades within a broadening pattern.
- If SOL breaks below $128, it could decline further to $61.
Source: Ali Martinez