Over 3 million Solana (SOL) tokens, worth approximately $431 million at the time, have been unstaked from wallets associated with the bankrupt FTX exchange and Alameda Research. This is the largest SOL unlock since November 2023.
Shortly after unstaking, the firms transferred 25,000 SOL (worth $3.3 million) to Binance. Since November, FTX has unstaked a total of 7.83 million SOL, selling them on Binance and Coinbase at an average price of $125.80 per token.
Significant sell orders could drive down Solana’s (SOL) price and establish stronger resistance levels. While major holders might aim to sell at higher prices, this doesn’t guarantee a sudden price collapse.
However, liquidation limits set by the Delaware Bankruptcy Court prevent them from offloading all holdings at once.
This activity coincides with FTX’s efforts to repay former users, with $1.2 billion in digital assets distributed as of February 18. Some users, however, remain ineligible for refunds, and the company is exploring solutions.
As FTX continues liquidations, investors are closely monitoring the potential impact on Solana’s price and the broader crypto market.
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