FTX Unstakes Over $1 Billion in Solana: What’s Next For Crypto’s Comeback Kid?
Anjali Belgaumkar14 Sept 20241 min read
FTX recently unstaked over $1 billion worth of Solana (SOL), sparking concerns about the impact on the market. Despite this massive unstaking, Solana has shown resilience, currently trading around $137. Broader market sentiment, driven by expectations of a Federal Reserve interest rate cut, has helped maintain the bullish momentum. However, the increased supply of unstaked SOL could lead to selling pressure in the future.
FTX has unstaked approximately 530,000 SOL, valued at $71 million, over the past three months, averaging around $3.5 million per month. Despite the large unstaking activity, FTX still holds around 7.06 million SOL, worth approximately $945.7 million. This major event has raised concerns about potential downward pressure on Solana’s price.
What’s Next For Solana?
According to analyst Josh of Crypto World, Solana has shown signs of recovery, with a slight upward trend over the past week. The price is expected to either continue rising or move sideways for a while. However, the coin is now nearing a resistance zone between $138 and $143, which could cause the price to slow down or face difficulty moving higher.
Potential for a Bullish Breakout:
If Solana can break above the $143 level and close above it on the daily chart, this would be a strong signal that the coin is entering a bullish phase. If this happens, the next price target would be between $159 and $163, showing more potential for growth in the short term.
Support Levels:
On the downside, if Solana fails to break past $143, it could drop back, but strong support exists between $120 and $128. This means that even if the price falls, it’s unlikely to drop below this range, providing a level of safety.
