$SOL

Solana (SOL) Shows Signs of Recovery as FTX Unstakes $23M Tokens

Solana’s native cryptocurrency SOL SOL$134.3 has shown signs of resilience, recovering slightly on Thursday despite bearish sentiment in the broader crypto market.

SOL’s value rose by roughly 3%, even as major cryptocurrencies like Bitcoin BTC$57 939 and Ethereum ETH$2 347 continued to struggle.

According to CoinMarketCap, SOL is currently trading at around $135, after dipping below $130 earlier in August. This recent uptick could be linked to actions taken by FTX, the collapsed crypto exchange, and its associated firm, Alameda Research.

Related article: Solana (SOL) Price Rebounds from Crucial Support Levels amid Rising Demand from Whale Investors

Earlier today, a wallet identified as “H4y…gFZ”, tied to FTX and Alameda, unstaked approximately 177,693 SOL valued at around $23 million from Solana’s Proof-of-Stake (PoS) network, according to data from Solscan.

FTX’s Complex Relationship with Solana

The release of these tokens by FTX/Alameda has reignited speculation that the digital assets could be transferred to centralized exchanges.

This is reminiscent of November 2023, when the same wallet unstaked $67 million worth of SOL and transferred it to Coinbase.

During that period, blockchain firm Lookonchain reported that the defunct exchange redeemed 3.96 million SOL worth approximately $160 million. However, it was unclear whether the firm sold it immediately as part of its restructuring plan.

Later in December 2023, another address linked to the troubled exchange unstaked around $90 million worth of SOL, which was also sent to Coinbase.

While the motive behind this latest unstaking remains unclear, FTX still retains a significant portion of SOL – about 7.057 million tokens (worth roughly $943 million) are still staked on the network.

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