Solana’s SOL Dips 2% After FTX Unstakes $31 Million

Solana’s SOL has recently shown strong bullish momentum, breaking key resistance levels and rallying through a clean inverted head and shoulders pattern. This technical pattern, along with the price crossing above the 200-day Exponential Moving Average, suggests a potential for further upside. Traders are optimistic about SOL reaching $184, given that the price holds above key technical levels. However, the recent unstaking of 189,851 SOL, valued at approximately $30.94 million, by the defunct firms FTX and Alameda has introduced short-term uncertainty. This move caused a slight dip in the price, raising concerns about a potential sell-off.

The unstaking of $31 million worth of SOL by FTX and Alameda has created a sense of caution among traders. The market responded with a dip from above $166 to around $163, although the pullback was not massive. The uncertainty stems from the unknown intentions of FTX and Alameda regarding the unstaked tokens. Despite this, the overall technical analysis remains bullish. SOL has broken out of a long descending channel and moved out of a tight consolidation zone, indicating strong momentum. If the price holds above the neckline of the head and shoulders pattern, a 15% rally could follow, pushing SOL close to the $184 target.

Market sentiment leans heavily toward the bulls. The Relative Strength Index (RSI) stands at 63, suggesting that the rally could continue without overheating. Volume has surged, with a 55% increase over the last 24 hours, indicating active buying and growing market interest. On-chain data supports this view, showing that traders are heavily committed to long positions. At the $161.4 and $167.4 zones, open interest stacks up, with longs totaling $182.72 million compared to shorts at $80 million. This imbalance shows strong confidence in further gains. However, the risk of a sell-off by FTX and Alameda remains a concern, as it could pressure the price if followed by large-scale selling.

Despite the recent unstaking, Solana remains in an uptrend. The price action favors bulls, with technicals supporting a climb and volume confirming the strength. Solana’s rallies are often characterized by explosive movements, and the current setup feels like a coiled spring—loaded with energy, waiting to burst. The market is closely watching the next move, as the outcome will determine whether the recent unstaking was a minor speed bump or a real threat to the rally. For now, the bullish momentum and technical patterns suggest that SOL has the potential to rally to $184, provided that key support levels are maintained.