- FTX/Alameda have unstaked 186,000 SOL, valued at roughly $21.61 million, from their staking account.
- The staking wallet retains 5.36 million SOL, which is approximately worth $621.61 million.
- The Solana price might see increased volatility if FTX sells the unstaked SOL on the open market.
- Solana displays resilience at $116.00, but faces potential challenges from a descending trendline resistance that’s persisted over the last three months.
The price of Solana (SOL) has edged up, trading at $117.31 on Friday, showing a 3.4% increase from the opening price of $112.80. After a notable dip the day before, following a sudden rebound to $120 due to the US President’s 90-day tariff halt announced on Wednesday. Although SOL is demonstrating a strengthening technical structure, the news of a wallet associated with the failing FTX exchange and Alameda Research unstaking 186,326 SOL could lead to market fluctuations.
Unstaking by FTX
Blockchain explorer Solscan reports that a wallet from FTX and its trading division, Alameda Research, has released 186,326 SOL worth about $21.61 million from the staking contract as of Friday. No further actions have been taken just yet, but it’s wise for traders to remain vigilant. The FTX and Alameda staking wallet still possesses 5.36 million SOL, approximately valued at $621.76 million based on current market rates.
FTX unstaked SOL | Source | Solscan
While Solana’s price did not immediately respond to the news, fluctuations could occur depending on following actions taken after the unstaking.
On the daily chart below, a neutral technical configuration underscores that Solana needs to break through a three-month descending trendline established since January to solidify a new bullish trajectory.
The Relative Strength Index (RSI) sits neutral at 44.73, having recovered from a significant drop to 32.99 experienced earlier in the week due to widespread volatility. Investors were reacting to the anticipated effects of the President’s tariffs, which were implemented on Wednesday but were then suspended for a 90-day period later that day.
Given the RSI’s movement since Wednesday, there’s a bullish leaning for Solana as it looks for a breakout from the trendline resistance evident on the daily chart. If the resistance level at $120.00 can shift to support, it may attract more traders seeking to expand their positions.
Currently below the 50-day Exponential Moving Average (EMA) at $137.14, the 100-day EMA at $156.66, and the 200-day EMA at $166.61, maintaining an upward trend may be difficult in the short to mid-term due to these EMA levels representing significant resistance zones.
SOL/USD daily chart
Data from Coinglass indicates a slightly favorable long/short ratio, suggesting a growing inclination towards a rise in Solana’s price. Over the last four hours, $1.13 million in short positions were liquidated, compared to $176,190 in long positions. An increase of 2.66% in open interest to $4.28 billion also points to a rise in capital inflow.
Solana derivatives analysis data | Source: Coinglass
After a downturn on Monday and Tuesday, global markets, including cryptocurrency, have begun to rebound during the US trading session on Wednesday, indicating an improving macroeconomic climate following the President’s tariff pause.
The continuation of this upward trend remains uncertain, warranting caution as tensions between the US and China are intensifying concerning the trade war. Thus, it might still be premature to dismiss the potential for Solana’s price to revisit Monday’s support level of $100, until a breakout reestablishes the 50-day EMA and the 100-day EMA as levels of support.