Solana investors are bracing for potential volatility after defunct crypto exchange FTX unstaked over 186,000 SOL tokens—worth $21.56 million—this week. The move has renewed fears of a sell-off amid a fragile crypto market.
On May 1, another 73,700 SOL tokens, valued at roughly $8.6 million, are scheduled to unlock. This gradual reintroduction of supply has sparked concerns that Solana (SOL) could face further downward pressure, possibly falling back to the $110 range.
FTX and Alameda wallets still hold significant SOL reserves, according to Arkham Intelligence. While this week’s batch was unstaked, it hasn’t yet been sold on the open market.
Despite recent activity, the majority of FTX’s SOL holdings remain staked. Around 5.36 million tokens, worth an estimated $619 million, are still locked and will continue to unlock in tranches.
As markets monitor FTX’s next moves, the looming supply overhang continues to weigh on Solana’s price outlook. Analysts say the situation could further destabilize the asset if FTX chooses to liquidate large portions during periods of low liquidity.
Kosta Gushterov
Reporter at Coindoo
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Source: https://coindoo.com/ftx-unstakes-21m-in-solana-more-set-to-unlock-in-may/