The now-defunct cryptocurrency exchange FTX and its trading arm, Alameda Research, have unstaked a significant portion of their Solana [SOL] holdings.
On-chain analytics platform Onchain Lens tracked the transaction and linked it to FTX-controlled wallets. The total unstaked amount stood at 195,669 SOL, valued at approximately $27.98 million at the time of the transaction.
This forms part of FTX’s broader monthly unstaking pattern, which has been ongoing since November 2023. In total, well over 8 million SOL, worth close to $1 billion, has been unstaked from the network.
Currently, around 4.048 million SOL, valued at roughly $620 million, remains unstaked.
While there is no confirmation of an active sale yet, history suggests these assets are often transferred to centralized exchanges for controlled liquidation, making a sell-off a realistic possibility.
Liquidity remains tight despite fresh supply
So far, the unstaking activity has failed to rattle the market. Capital inflows over the past three days have remained dominant, helping absorb the added supply.
Total Value Locked remains a key indicator for tracking capital movement, reflecting the amount investors have deposited or staked on the network.
From the recent low of $8.841 billion in Solana staked as of the 11th of January, the network has recorded additional deposits worth $187 million. This pushed TVL to $9.028 billion.
Trading activity has also held firm. Solana’s average daily trading volume has hovered around $4.186 billion over the same three-day period, reflecting steady participation.
Historically, a moderate rise in both volume and price aligns with a market in a bullish phase. It often points to a calm environment that keeps buyers engaged rather than chasing the sidelines.
Not all investors are bullish
Despite strength in on-chain metrics, the spot market tells a more cautious story.
Spot exchange netflow data shows that $17.466 million worth of SOL has moved into centralized exchanges. A positive netflow typically indicates that investors are positioning to sell.
It is important to note that AMBCrypto could not independently confirm how much of this inflow is directly linked to FTX’s unstaked assets. However, retail activity appears to have played a role.
Between the 8th of January and press time, daily netflows have leaned toward selling, with the 12th of January standing out as the only exception.
This pattern suggests that spot traders remain largely on the sidelines, with sellers still holding the upper hand.
Solana’s market reaction
On the technical side, at press time, Solana was printing a bullish structure on the chart. The asset formed a cup-and-handle pattern, a setup that often precedes a breakout.
A decisive move above the resistance zone between $142.1 and $142.8 would confirm the pattern. If that level gives way, price could rally toward $169, a level last seen in December.
Momentum indicators also support this outlook. The Money Flow Index tilted upward and sat at 73.73, placing it firmly in the bullish zone. This reading suggested that capital inflows remained strong.
If the MFI continues to climb and holds within the 50 to 80 range, it would reinforce the view that buyers are still active and willing to defend higher prices.
Final Thoughts
- Defunct exchange FTX has offloaded over 195,000 Solana into the market as it continues to unwind its holdings.
- On-chain capital, measured through TVL, recorded a $187 million inflow, even as spot market data points to selling pressure.
