FTX/Alameda Unstakes $432M in SOL, Pressuring Price
1min read FTX/Alameda Unstakes $432M in sol, Adding Pressure to SOL Price
FTX and Alameda Research, two prominent entities in the cryptocurrency space, have recently unstaked a significant amount of Solana (SOL) tokens, valued at approximately $432.5 million. This action involved moving 3.03 million SOL tokens to 37 wallets, likely for deposit onto major exchanges such as coinbase and Binance. This transaction is part of a larger plan, with another 11.2 million SOL tokens scheduled to be released in early March 2025.
The unstaking of these tokens has contributed to market volatility and price fluctuations in the SOL market. As a result, Solana's price has dropped by 19.46% in the last 24 hours, trading at $140.88 at the time of this report. This price drop follows a trading period between $178.63 and $139.43 and is further affected by a broader crypto market downturn.
Data from CoinMarketCap shows that Solana's market capitalization has also decreased, dropping by 19.16% to $69.58 billion. This suggests that investor confidence may be weakening. The trading volume for SOL has gone down by 23.37%, indicating lower market liquidity. Despite these declines, Solana's Fully Diluted Valuation (FDV) remains high at $81.56 billion, hinting at the potential for long-term recovery.
The ongoing unstaking by FTX/Alameda Research and the scheduled payouts for April show that Solana's market might continue to face challenges in the coming months. These large movements of SOL tokens could further affect price action as the market remains sensitive to the economic climate.
