FTX/Alameda Unloads $432M SOL: Solana Price Drops

• FTX/Alameda unstaked 3M SOL, contributing to market volatility and price fluctuations.  
• Solana’s price dropped 19.46%, signaling waning investor confidence amid market downturn.  
• Solana’s Fully Diluted Valuation remains high, suggesting long-term recovery potential.

FTX/Alameda Research performed the largest unstaking of Solana (SOL) tokens since November 2023, moving 3.03 million SOL, valued at roughly $432.5 million. 

These tokens were sent to 37 wallets, likely to be deposited onto major exchanges like Coinbase and Binance. This action is part of a larger plan, with another 11.2 million SOL tokens scheduled to be released in early March 2025.

FTX/Alameda’s SOL Transfers to Exchanges Near $1 Billion

Since November 2023, FTX/Alameda has unstaked and transferred a total of 7.83 million SOL tokens (valued at $986 million) to exchanges like Coinbase and Binance. 

These moves have been linked to price changes in SOL, with prices reacting to these large unstaking events. This pattern of unstaking seems to coincide with both price increases and decreases, suggesting a complex strategy by FTX/Alameda.

Solana Price Drops

The unstaking of 3 million SOL tokens happens as Solana’s price is experiencing negative headwinds. 

At the time of this report, the SOL price was trading at $140.88, having fallen 19.46% in the last 24 hours. This price drop follows a trading period between $178.63 and $139.43, and is further affected by a broader crypto market downturn.

Solana Market Cap and Trading Volume Decline

Data from CoinMarketCap shows that Solana’s market capitalization has also decreased, dropping by 19.16% to $69.58 billion. 

This suggests that investor confidence may be weakening. The trading volume for SOL has gone down by 23.37%, indicating lower market liquidity. Despite these declines, Solana’s Fully Diluted Valuation (FDV) remains high at $81.56 billion, hinting at the potential for long-term recovery.

Solana’s Outlook: Continued Market Challenges Expected

The ongoing unstaking by FTX/Alameda Research and the scheduled payouts for April shows that Solana’s market might continue to face challenges in the coming months.

These large movements of SOL tokens could further affect price action as the market remains sensitive to the economic climate.