FTX News: Solana Price Drops Amid FTX and Alameda Research Unstaking and Additional Sell-offs

Recent developments involving FTX and Alameda Research have had a significant impact on the price of Solana (SOL). Here’s a summary of what’s happening in the cryptocurrency market.

Solana Price Drops Below $125 Support Level

The price of Solana (SOL) has dropped below the $125 support level on Thursday, down 4% in the last 24 hours. On Wednesday, wallets linked to FTX and Alameda Research unstaked $23 million worth of SOL ahead of impending creditor repayments. Early reactions in the derivatives market suggest Solana’s rebound momentum may weaken. The decline coincided with the unstaking, reinforcing bearish sentiment.

FTX Offloads Another $22.9M SOL - Impact on Solana’s Recovery Unclear

FTX unstaked and offloaded another $22.9 million worth of SOL to various addresses. In March, SOL has seen outflows totaling about $400M, according to Coinglass data. FTX/Alameda moved 185,345 SOL ($22.9M) to 38 wallets, part of its monthly unloading. The bankrupt exchange still has 5.5 million SOL staked, worth $696M, and has unloaded about $1B of SOL since November 2023. On March 4th, FTX unstaked and offloaded over 3M SOL ($432M), potentially part of the scheduled 11.2M SOL unlock. SOL prices dipped to $125 at the end of February but the impact of the unlock remains to be seen.