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coinpedia 2025-04-11 08:05:51

Bankrupt FTX Exchange Unstakes $21.56M Worth of SOL – Is a Big Crash Coming?

Bankrupt FTX Exchange Unstakes $21.56M Worth of SOL – Is a Big Crash Coming?

The post Bankrupt FTX Exchange Unstakes $21.56M Worth of SOL – Is a Big Crash Coming? appeared first on Coinpedia Fintech News As the cryptocurrency market experiences a strong bearish sentiment due to the ongoing economic turmoil, the bankrupt crypto exchange FTX continues to impact the market. In its latest move, FTX unstaked 186,300 SOL (worth $21.56 million), raising fears of a potential sell-off. To make things worse, another 73,700 SOL ($8.59 million) is set to unlock on May 1. With so much supply hitting the market, could this push Solana back down to $110? FTX Unstakes $21.56 Million in SOL According to blockchain analytics platform Arkham, FTX/Alameda unstaked 186,300 SOL, worth approximately $21.56 million, from their stake account. This move suggests FTX might sell the SOL, but since it’s still untouched, the market is unsure of their next move. According to Arkham, FTX/Alameda Staking (Bankruptcy): H4yiPh…Z6agFZ unstaked 186.3k SOL (~$21.56 million) from the Stake Account today at 12:41 UTC+8, with no further actions taken as of now. Currently, FTX/Alameda Staking (Bankruptcy): H4yiPh…Z6agFZ still has 5.36 million SOL… — Wu Blockchain (@WuBlockchain) April 11, 2025 Despite this recent activity, FTX/Alameda still holds a massive 5.36 million SOL, valued at approximately $619 million, in a staked state. These funds are still locked and will take time to unlock before they can be moved or sold. Major Solana Token Unlock Incoming Adding to the market uncertainty, a significant Solana (SOL) token unlock is set to happen on May 1, releasing over 73,700 SOL tokens, worth around $8.59 million according to the Solana Portal . This upcoming unlock is sparking discussions among investors, as many fear it could lead to increased selling pressure. With Solana currently ranking as the sixth-largest cryptocurrency by market capitalization, any sudden rise in available tokens could impact its price movement. SOL Price Holds Strong at Key Support After FTX unstaked a large amount of Solana (SOL), many investors started selling in fear. However, the price of SOL is still holding steady around $116 , showing a 1% increase, with a total market value of $60 billion. Looking at the charts, Solana has been moving in a downward trend since March 2025. But there is a strong support level at $110, which could help the price bounce back. If buyers step in, SOL could first rise to $127 this week. If it stays strong, it might even reach $145 soon. On the other hand, if selling pressure increases, SOL could drop back to $110.

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