FTX and Alameda Research have unstaked approximately 3.03 million Solana tokens valued at approximately $431 million. It is the biggest unlock since November 2023. This follows the Solana price is ranging, having just rallied to $143 from a jaw-dropping drop.
Unstaking Data
This massive unstaking is part of a series of asset liquidations by Alameda and FTX, a blockchain analytics platform Lookonchain has uncovered. Cumulatively, they unstaked 7.83 million SOL worth close to $986 million since November 2023. Transactions involved an almost-deposit of 25,000 SOL (close to $3.3 million) to Binance on March 4, 2025, and a deposit of 58,964 SOL (close to $8.52 million) on the following day.
FTX bankruptcy estate is subject to court-imposed restriction on selling tokens. FTX can sell up to $50 million of tokens in a week under a plan of liquidation approved by the Delaware Bankruptcy Court in September 2023, later lowered to $100 million. Whether to sell the higher amounts is discretionary on the court.
Solana Price Movements
With all that, Solana’s price has altered significantly. From the peak at $179 last week of early this month of March, the price fell to $130 due to profit-taking and market reaction to changes in the geopolitics. Solana’s price came back to $149, an 8.81% appreciation within 24 hours.
In spite of the boom in the present market, Solana can be threatened by persistent deposits into Binance. Solana DEX are resilient, with the platform posting its fifth-straight month of $109 billion of trade volume on its DEXs, which was 24% higher than Ethereum.
Market Implications
The unstaking and selling of these times overshadow the revival of Solana. The 9-day exponential moving average (EMA) is resistance, i.e., there are probabilities of bear strength. The support is $136, but the resistance is $150.05, $166.32, and $179.01. The relative strength index (RSI) is 39.65, i.e., there are probabilities of revival in the short term, subject to the market.
It is being closely watched by investors, especially since FTX will be moving vast sums of SOL. Liquidation has also commenced to pay the creditors after the collapse of the exchange in 2022.
As much as the Solana price has made a comeback feasible in perception, market uncertainty and constant dumping of FTX assets are dubious if a comeback is around the corner. The traders and the investors need to be careful as things shape up in the coming weeks.
