FTX Set to Offload 177,693 Solana Coins Following Staking Unlock
Highlights
- Despite redemption, the FTX wallet still holds 7.057 million SOL worth $943 million in staking.
- A large part of FTX's SOL holdings may have already been sold through over-the-counter (OTC) transactions.
- SOL price continue to remain stable showing chances of trend reversal going ahead.
A recent cryptocurrency wallet affiliated to FTX/Alameda – H4y…gFZ – has redeemed a total of 177,693 SOL tokens from the Solana Proof-of-Stake (PoS) network. The market is closely watching this development with FTX being one of the largest holders of SOL coins, which led to a price crash following the November 2022 bankruptcy.
Will FTX Dump All Solana Coins to CEXs?
As per the Solscan data, the FTX/Alameda-affiliated wallet has reportedly transferred a total of $23.75 million worth of Solana coins from its Proof-of-Stake (PoS) network today. This has led to a strong discussion in the crypto community on whether the redeemed SOL could be transferred to centralized exchanges (CEX) in the near future.
However, the recent movement by this wallet is still quite less in comparison to the total SOL tokens that it holds. The FTX wallet H4y…gFZ, up to 7.057 million SOL, valued at $943 million, is currently staked. Some of the previous reports also suggest that most of the Solana coins held by crypto exchange FTX must have been sold through over-the-counter (OTC) transactions.
The Solana (SOL) price continues to remain firm and is still trading 1.93% up at $135 with a market cap of $63.57 billion. Since the beginning of the year 2024, the SOL price is up by 35% and more than 650% up on the yearly chart.
The recent movement of SOL by FTX/Alameda-affiliated wallet comes at a time when former Alameda CEO Caroline Ellison is scheduled to appear for a hearing on September 24. Reports suggest that due to her cooperation and testimony, she might get some concession in the sentence period.
Will the SOL Price Rally Continue In 2024?
After a strong run-up in 2023, SOL has given modest returns this year in 2024. However, after surging all the way to $209 in March, when the Bitcoin price made a new all-time high, SOl has entered a downward trajectory. Currently, the SOL price is forming a base at $130 and is poised for a reversal from here onwards.
However, the Ethereum challenger needs a confluence of catalysts to take the price higher. This includes network upgrades, meme coin resurgence, institutional investments, and other potential ETF launches. The Solana meme coin mania was one of the major contributing factors behind its rally to $200 in March. However, if we see collective growth across other areas, we could possibly see the SOL price rally to $1000 in 2025.
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