FTX Offloaded 177K Solana Coins After Staking Unlock

• The FTX wallet holds 7.057 million SOL worth $943 million in staking. 
• Solana marked a moderate gain over 2.75%, trading at $135.

The defunct crypto exchange, FTX, and its sister firm, Alameda Research reclaimed the dumped 177,693 SOL tokens, worth approximately $24 million, from the Solana Proof-of-Stake (PoS) network. The exchange-affiliated wallet, H4y…gFZ, still holds a 7.057 million SOL in staking, valued around $943 million. 

FTX was one of the biggest holders of Solana tokens before the bankruptcy in November 2022. Reportedly, a significant amount of their holdings might have already been sold off in over-the-counter (OTC) transactions. 

The recent movement of Solana by FTX—Alameda-affiliated wallet comes when former Alameda CEO Caroline Ellison is scheduled to appear for a hearing on September 24, after pleading guilty to her role in the fraud at FTX and Alameda Research. 

On the other hand, if the cryptocurrency exchange managed to repay the distressed investors in the beginning of the upcoming fourth quarter, the company might expedite its Solana sales to cover the needed funds. Moreover, the court ordered FTX to repay the credit of $16 billion, which the company intends to facilitate in stablecoins.

Reportedly, FTX has already begun receiving stablecoins, despite the possible legal hurdles from the US SEC on the matter. Additionally, in October 2023, FTX’s bankruptcy estate staked $122 million in SOL tokens. Along with this Solana activity, the estate also staked 3,200 Ethereum (ETH) worth around $7.55 million.

Will the SOL Rally Continue?

Amid the slow crypto recovery led by the major tokens, Solana’s price has a moderate gain over 2.75% in the past 24 hours. The asset currently trades at $135.23 with a $63.27 billion market cap. The altcoin’s daily trading volume rallied by 10.15% of around $2 billion, as per CMC data. 

The token opened the day trading at $131.84, further noted a lowest trading range at $128. Gradually, the asset climbed to a high of $136.20. As per the technical chart of Solana, it is in brief bullish condition in the market. 

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