Solana Dump? FTX Set to Sell 177,693 SOL After Unstake

Bullish sentiments around Solana remains intact as an FTX/Alameda-tied wallet unstakes $23.75 million worth of SOL.

Solana experienced a period of increased selling pressure after the FTX implosion, as the defunct exchange had a large share of the “Ethereum killer.” Although FTX and Alameda have sold most of their SOL holdings, an address tied to the US-based crypto venture holds a substantial amount of Solana.

Per Solscan, a wallet address tied to the defunct exchange unstaked 177,693 SOL, worth nearly $24 million, late Wednesday. Although the wallet has not moved the funds to a centralized exchange, speculations of an impending sale have circulated within the crypto community.

Is FTX Dumping Solana?

Notably, market participants typically send their tokens to exchanges for selloffs after unstaking them. As a result, FTX’s unstake of $23.75 million worth of Solana has come as a caution to asset holders.

A more concerning detail of the latest transaction is that the 177,693 SOL was a minute portion of what the address “H4yi… agFZ” holds. Data from Solscan shows that the FTX/Alameda-tied wallet has a staggering 7.1 million SOL ($953 million) staked.

Notably, the amount of SOL held by the address accounts for 1.5% of the asset’s circulating supply. An unlock and sales of such a considerable amount of Solana would have huge market implications on the asset’s price.

For context, Ethereum and the broader market saw significant price capitulation when Jump Trading started selling its Ether stakes. The trading platform sold over $400 million worth of Ethereum in a few weeks, causing Ethereum’s price to fall below $2,336 in early August.

Solana Unperturbed

Meanwhile, the growing speculations have nothing on Solana, as it maintained a bullish stance. SOL is up 2.5% in the past 24 hours, trading at $135.26 at the time of writing.

This trend could be tied to unswayed bullish sentiments around the asset. With the Breakpoint hype and a broader cryptocurrency rebound in view, the Solana community has remained bullish on the asset. 

Per CoinMarketCap, the community votes showed a 77% bullish sentiment around the asset. Solana has the bullish community stance among the top five crypto assets, with Ethereum and Bitcoin having bearish sentiments.