FTX News: Solana’s Network Activity Declines, SOL Price Drops to Seven-Month Low

Recent developments in the cryptocurrency market have seen Solana’s network activity decline significantly, leading to a drop in its price. Here’s a closer look at what’s happening with Solana and SOL.

Solana’s Network Activity Hits Multi-Month Lows, SOL Price Drops

Solana’s network activity is fading fast, with transaction fees plunging to a six-month low. The cryptocurrency SOL has dropped to a seven-month low, losing the $120 support with a 10% weekly decline. The sell-side pressure has dominated due to the unlocking of supply on FTX and weak hands exiting. No strong demand zones have formed on Solana’s 1D price chart since its fall from $270, making deeper corrections almost inevitable.

Alameda Unstakes $23 Million in Solana To FTX-Linked Wallets

FTX’s reimbursement process has begun, and the firm unlocked SOL worth $1.57 billion. Alameda Research, the trading firm linked to the FTX collapse, distributed $23 million worth of unstaked SOL to 38 FTX-linked addresses. The move comes amidst bearish market factors impacting demand. According to Arkham Intelligence, these addresses have previously received SOL and currently hold a total of $178.82 million SOL.