- Solana has shown resilience despite FTX/Alameda unstaking millions of SOL.
- The long-term impact hinges on whether buyers can absorb the mounting sell pressure.
FTX and Alameda Research’s Solana [SOL] liquidation persists – 83.7K SOL ($10 million) offloaded in two days, driving a 20% drop.
Adding to the pressure, a whale unstaked 134,902 SOL ($19.26 million) and placed 135K SOL for sale via Jupiter Exchange. With mounting sell-side liquidity, can SOL absorb the pressure?
Solana faces unstaking surge
FTX/Alameda Research unstaked 3.03 million SOL ($432.5 million), causing a sharp 13.92% price drop in the market.
Recent moves include 24,799 SOL sold to Binance and 58,964 SOL ($8.52 million) deposited onto exchanges, worsening liquidity issues.
A remaining 2.95 million SOL from the unstaked amount threatens further downward pressure on Solana’s price.
Solana recovered from a 20% dip to $139.21 and is now trading at $148, aided by a 9.44% rebound. However, trading volume dropped 21% to $6.86 billion, reflecting weak buying momentum and risking a fading recovery.
Source: Santiment
The long-term outlook remains bearish, reflected in Solana’s Total Value Locked (TVL), which has plummeted by 37.92% from its January peak of $14.5 billion to a mere $9.002 billion.
The road ahead for SOL seems tough unless buyer sentiment picks up significantly.
Lack of support undermining SOL’s recovery
Solana’s chart and Total Value Locked (TVL) indicate severe profit-taking and unstaking, revealing a struggle to hold gains.
Since its all-time high of $270, SOL has failed to build consistent support, showing the impact of ongoing large-scale unstaking.
Source: TradingView (SOL/USDT)
Solana’s price faces pressure, with weak bullish momentum increasing its vulnerability to further declines.
The market struggles to absorb significant sell-side liquidity, especially from whales unstaking their SOL.
A broader market recovery may offer short-term relief, but Solana’s long-term outlook remains uncertain.
With 2.90 million SOL at risk of liquidation, a pullback below $130 appears increasingly likely in the coming months. Since its ATH of $270, the absence of strong support levels makes SOL highly sensitive to sell-offs and profit-taking.
