Crypto News
- Solana has demonstrated its strength despite FTX/Alameda unstaking millions of SOL.
- The long-term impact depends on whether traders can manage the increasing selling pressure.
FTX and Alameda Research’s Solana [SOL] liquidation continues – with a total of 83.7K SOL ($10 million) sold off in just two days, following a drop of about 20%.
Along with this pressure, a whale has unstaked134,902 SOL ($19.26 million) and listed another 135K SOL for sale on Jupiter Exchange. With increasing sell-side liquidity, can SOL withstand the pressure?
Crypto News The surge in Solana’s unstaking
FTX/alameda Research has unstakeda total of3.03 million SOL ($432.5 million), leading to a significant market price drop of13.92%.
Recent transactions include the sale of24,799 SOL to Binance and58,964 SOL ($8.52 million) deposited onto exchanges, exacerbating liquidity issues.
An additional2.95 million
SOL from the unstaked amount poses further downward pressure on solana’s price.
Solana rebounded from a20% decline to$139.21 and is currently trading at$148,
supported by a9.44% recovery.
Though,
trading volume fell21%
to$6.86 billion,
indicating diminished buying momentum and risking an ongoing recovery.
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Source : Santiment
The long-term outlook remains negative , as indicated by Solan a ’s Total Value Locked (TVL), which has dropped by37.92 %from its January peakof $14 .50 billionto just $9 .002 billion. The path ahead forSOL appears challenging unless buyer sentiment considerably improves.
Crypto NewsLack of support hinderingSOL’s recovery
The chart forSolanashows that profit-takingandunstaking are prevalent , indicating difficulty in maintaining gains. Since reaching an all-time highof $270 ,SOLhas struggled to achieve consistent support , reflectingthe effects of ongoing large-scale unstaking.
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source : TradingView (S OL/USD )
T he pr ice o fS ol ana faces pres sure due to waning bullish momentum making it more susceptible to further declines. T he market is struggling with absorbing significant sell-side liquidity especially from whales who are unst aking theirS OL. A broader market rebound could provide short-term relief but the long-term outlook forS ol ana remains uncertain. With around2..90million S OL at risk o f liquidation,a pullback below$130 seems increasingly probablein the coming months. Since its ATHof $270,the lackof substantial support levels rendersS O L highly sensitiveto sell-offsand profit-taking.
