Solana Unstaked by FTX/Alameda: $1B Major Price Change Coming?
Concerns regarding market effect arise after FTX/Alameda unstaked $1 billion of Solana (SOL). Solana has traded around $137.77 and $139.76 despite this.
This positive trend has been underpinned by market confidence about a Fed rate reduction, but rising SOL supply may cause selling pressure.
Still Strong Despite FTX/Alameda Unstaking $1BâWill Bullish Momentum Last?
Despite FTX/Alameda unstaking nearly $1 billion in Solana (SOL), the currency has remarkably maintained its positive trend. SOL stayed steady at $137.77, peaking at $139.76.
Market optimism helped the global crypto market value rise 3.31% to $2.11 trillion and volume rise 8.6% to $66.54 billion.
Expectations of a Federal Reserve rate drop before the FOMC meeting boost market mood. The 0.3% U.S. Producer Price Index (PPI) exceeded forecasts, boosting risk asset confidence.
Bitcoin reached $60K, and the crypto market rallied. FTX/Alameda's big SOL withdrawal might restrict profits by causing selling pressure. This major unstaking incident may slow SOL's rise.
Recent months, FTX/Alameda unstaked approximately $1 billion of Solana (SOL). Over the previous three months, 530,000 SOL worth $71 million have been unstaked, averaging 176,700 SOL ($23.5 million) each month.
However, FTX/Alameda possesses 7.06 million SOL valued $945.7 million. This massive unstaking raises worries about selling pressure, which might hurt Solana's market performance.
Selling pressure may affect SOL price.
Thus, Solana remains resilient, rising 4% to $139.60. Crypto markets are optimistic, with Bitcoin topping $60,000 and Ethereum over $2,400.
Rising Fed rate drop predictions and better-than-expected U.S. PPI data have strengthened this trend. If selling escalates, unstaked SOL may fall in price due to increasing availability.
