FTX News: Large-Scale Unstaking by FTX/Alameda Causes Significant Drop in Solana’s Price

In a major development in the cryptocurrency market, Solana (SOL) has experienced a significant price drop due to a large-scale unstaking event initiated by FTX/Alameda. Here’s a closer look at the implications of this move.

FTX/Alameda Unstaking SOL: Impact on Solana

Solana (SOL) is facing uncertainty with FTX/Alameda’s large-scale unstaking of 3.03 million SOL, worth around $432.5 million. This significant move has caused a 13.92% drop in SOL’s price over the past 24 hours, trading at $137.20 at the time of writing. Such large unstaking events often lead to market disruption by releasing a significant number of tokens into circulation.

Solana Faces Increased Sell Pressure

Solana’s price dropped sharply by 20% as FTX and Alameda Research offloaded 83.7K SOL ($10M). Additionally, a major whale unstaked 134,902 SOL and listed 135K SOL for sale, further increasing sell pressure on Solana. Overall, 3.03M SOL ($432.5M) was unstaked, with 2.95M SOL still at risk of liquidation, threatening Solana’s stability.