Crypto Express
07/12 10:00
Can Solana (SOL) hit $184
Defunct firms FTX and Alameda unstaked 189,851 SOL worth $30.94 million, triggering fears of a potential sell-off. And yet, Coinglass data revealed that bulls may be in control now, with $182.72 million in long positions and $80 million in shorts.
With three consecutive green candles, Solana (SOL) turned bullish on the price charts. In fact, at the time of writing, it seemed like it might be poised for a massive upside rally soon. However, a recent report shared by blockchain-based transaction tracker Lookonchain has raised some concerns about a potential price dip in the coming days.
FTX, Alameda unstake $31M of SOL
On 11 July, Lookonchain shared a post on X (formerly Twitter), revealing that the defunct crypto exchange FTX and bankrupt trading firm Alameda had unstaked 189,851 SOL worth $30.94 million. The last time they unstaked SOL, it was for the repayment of $1.2 billion to former users of these platforms who lost their funds during the collapse.
A substantial unstaking might often be a red flag for SOL holders. Especially since it has the potential to slow down the asset’s upside or even cause a price drop. In the present case, the amount is not that large. So, there may be a lower likelihood that it will significantly affect SOL’s price.
And yet, the impact of this unstaking had started to show on SOL’s price. Especially as it appeared to be struggling to maintain its upside at press time.At the time of writing, SOL was trading near $163, with 24-hour gains of over 3.5%. However, the surge was previously around 5.5%, with the price hovering above $166. It can be argued that FTX and Alameda might be responsible for this modest price drop.
That’s not all though. During the same period, investors and traders have expressed strong interest in the crypto, leading to a 55% jump in the trading volume
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