Will Solana Price Crash to $80 As FTX Unstakes $27 Million SOL?

Solana (SOL) price is seeing a modest bullish trend, hovering around crucial support levels. However, concerns have emerged as FTX plans to unstake approximately $27 million worth of SOL tokens. This move could potentially introduce volatility into the market and affect Solana’s near-term performance.

Over the past 24 hours, Solana has experienced a slight price increase, maintaining a generally upward trajectory. As of the reporting time, the SOL price is hovering at $154.24, reflecting a 0.99% rise within the last day. The price movement shows a high of $157.99 and a low of $152.60 during this period.

Cryptocurrency prices surged significantly on Tuesday, fueling investor optimism across global markets. Bitcoin (BTC) experienced a remarkable rally, surpassing the $65,000 mark and boosting market sentiment. Ethereum (ETH) also followed suit, climbing to $2,600, with several major cryptocurrencies gaining momentum.

FTX Unstaking SOL Could Impact Solana Price

EmberCN shared a post on X post highlighting the significant movement in FTX/Alameda’s SOL staking wallet. The wallet unstaked 178,631 SOL, valued at approximately $28 million, earlier today.

According to historical transaction data, the unstaked SOL is often transferred to multiple addresses. These assets are typically moved to exchanges like Coinbase or Binance, indicating possible liquidation.

The frequency of these transactions suggests a pattern, with roughly 170,000 SOL being unstaked between the 12th and 15th of each month. Despite this latest movement, the wallet still holds a significant 7.09 million SOL, valued at over $1.1 billion, that remains staked.

https://twitter.com/EmberCN/status/1846053191496224817?ref_src=twsrc%5Etfw” rel=”nofollow

This supply of SOL hitting the market could create downward pressure on the price. If large amounts are liquidated, it may disrupt Solana’s ongoing bull run, potentially introducing volatility in the near term.

SOL Price Analysis: Is $80 Support Level Imminent?

If the bullish trend continues, the next resistance level to watch is at $160, which could signal further gains toward the $180 mark. However, should the market experience a pullback, a bearish move could lead SOL toward the support level of $150. If bears mount more pressure, the SOL price could hit the $80 support level. 

SOL price prediction is trading above $150, but a bearish turn could see SOL drop to key support levels, including the potential $80 mark. As the market watches closely, investors weigh the possibility of increased selling pressure if FTX continues its liquidation strategy.