FTX and Alameda Unstake Over $1 Billion in Solana, Impacting SOL Price

• FTX/Alameda’s $1B SOL unstaking signals potential market volatility for Solana.
• SOL’s $134 support, $135.05 resistance key in shaping near-term price movement.
• Neutral RSI and MACD below signal line suggest potential short-term price decline.

FTX and Alameda Research have unstaked a massive amount of Solana ($SOL) — over $1 billion worth — in the past three months. According to Lookonchain data, this significant unstaking activity involves 530,000 $SOL valued at $71 million, spread across multiple addresses.

On average, these entities have unstaked roughly 176,700 $SOL per month, equivalent to $23.5 million. FTX/Alameda still holds a sizable 7.06 million $SOL, valued at approximately $945.7 million.

Over $1B worth of $SOL is being unstaked by FTX/Alameda!

In the past 3 months, FTX/Alameda has unstaked 530K $SOL($71K) and transferred it to multiple addresses, averaging 176.7K $SOL($23.5M) unstaked per month.

FTX/Alameda still has 7.06M $SOL($945.7M) staked.… pic.twitter.com/lhfVDsEc99

— Lookonchain (@lookonchain)
September 13, 2024

This substantial unstaking could influence Solana’s current market dynamics. At press time, Solana’s price sits at $134.21, down 0.64% over the last 24 hours. Examining the price chart reveals key support and resistance levels that could shape future price movements.

Read also: SOL Gains Over 10%; Can the Price Climb to $40 Handle?

Support and Resistance: Key Levels to Watch

The $134 mark acts as near-term support for Solana. The price has hovered around this level, suggesting it’s a critical point of interest. If the price breaks below $134, we could see further declines.

On the flip side, $135.05 represents a significant resistance level. The price briefly tested this point before retreating. A decisive move above $135.05 could signal a bullish trend and potentially drive the price higher.

Source:
Coinmarketcap

Trend Analysis: Solana’s Price Fluctuates

Over the past day, Solana’s price has fluctuated within the $133 to $136 range, indicating volatility. The trend has shown oscillations between bearish and bullish zones. A breakout above $135.05 could lead to an uptrend continuation. On the other hand, a break below $134 may push the price down toward the $133 range.

Read also: Analyst Says SOL Will Hit 20% of ETH’s Market Cap in Next Bull Rally

The 1-day Relative Strength Index (RSI) for Solana stands at 48.28. This suggests that Solana is currently in neutral territory, neither overbought nor oversold. 

BTC/USD 1-week price chart, Source:
Trading view

Additionally, the 1-day Moving Average Convergence Divergence (MACD) is trading below the signal line, hinting at potential downward pressure in the short term.

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