FTX and Alameda Unstake $431M in Solana – Is a Bigger Crash Coming?
With the wallet associated with bankrupt exchange FTX and its trading company Alameda Research, the wallet is on the edge but does not store more than 3 million Solana (SOL). This is the largest SOL unlock since the start of the sale of assets in November 2023. SOL has dropped by 20% in the past 24 hours and panic is spreading.
Will this huge unlock trigger a bigger price crash, or will the market be strong?
The biggest robbery for FTX and Alameda since 2023
According to Lookonchain FTX and Alameda, their biggest Solana (SOL) has been unlocked since the end of 2023. March 4, FTX& Alameda canceled 3.03 million Sol’s single move is worth $431 million.
Shortly after unlocking, about 25,000 sols ($3.3 million) were sent directly to Binance. This continues a trend that began in November 2023, when FTX and Alameda canceled 2.1 million SOL worth $141 million.
As millions of sols continue to flow to exchange, concerns about a larger sell-off are growing. Some experts think this could trigger another price crash, or is the market ready to absorb shock?
Can FTX sell $431 million at a time?
While there is no such a large number of issues that have attracted attention, FTX cannot sell all tokens immediately due to strict bankruptcy court regulations.
A September 2023 ruling limited its liquidation to initially $50 million per week, increasing to $100 million in subsequent weeks. If they seek to sell more than $200 million a week, they must obtain court approval.
Despite these limitations, Data display of points on the chain Since November 2023, FTX and Alameda have 7.83 million sols worth nearly $986 million, with most of the tokens sending it to Binance and Coinbase for liquidation.
What’s next for Solana?
Sol is one of the biggest losers today Crushing over 20% And eliminated nearly $10 billion from its market capitalization. Currently, its all-time maximum is over $294. Going forward, Sol is now facing a critical test of the $145 resistance level that has previously served as support.
If Saul manages to exceed $145, it may increase momentum and climb to $165, indicating a potential recovery.
