FTX Unstakes 186K SOL TokensWill the Market See Another Shock?
- FTX and Alameda unstaked 186,326 SOL tokens worth approximately $21.5 million on April 11.
- The unstaked tokens have not yet been moved from the FTX-linked wallet.
- Previous unstaking events by FTX often led to market selloffs aimed at repaying creditors.
The FTX and Alameda wallets unstaked 186,326 Solana (SOL) tokens from the staking process during the early hours of Friday, April 11. The total amount of unstaked tokens currently reaches $21.5 million. The assets show no movement, but such operations generate market concerns.
FTX has conducted comparable activities before massive selloffs to fulfill payments to creditors through selling its assets. The recent unstaking intensifies existing market pressures because vital financial tensions are currently affecting market conditions. Unstaking operations in Solana have not resulted in immediate significant price drops over the past month.
Analysts observed strong stability in the Solana market after the market-wide corrections occurred. Rising investor optimism and upcoming positive market developments appear to be factors behind the observed market condition. Market participants maintain a gentle sense of hopefulness about the situation, although the environment remains undecided.
FTX Unstakes Again Market Stays Calm
The total amount of SOL tokens that FTX and Alameda Service unstaked reached 3 million while they unstaked 185,000 SOL tokens specifically last month. Solana maintained its market value despite the unstaking activity that occurred this week. In fact, SOL rose 0.6% in the past 24 hours to $116.5.
Source: X
Solana surpassed USDC by moving up to the sixth position among the largest cryptocurrencies, based on reaching a market cap of $60.1 billion. Solana achieved the sixth position among the biggest cryptocurrencies through its increased market value shift. The daily trading volume decreased by 38% to register at $4 billion.
The market volume reduction did not indicate massive selling from the FTX address during this period. Market observers indicate these actions stand apart from previous market activities. Minimal short-term price swings can happen in this market environment, but they are not sure to occur.
ETF Hopes Drive Bullish SOL Sentiment
According to analyst The Catalyst Ken Solana, The Catalyst revealed a symmetrical triangle structure in its hourly price chart. Formations that appear as symmetrical triangles usually bring about upcoming market volatility in situations of market instability. Investors keep track of technical indicators because of increasing geopolitical issues.
Source: The Catalyst Ken Solana
This weeks US-China tensions initiated price fluctuations throughout stock markets and crypto market values. President Donald Trumps three-month trade tariff suspension created fresh belief among investors about the market direction. The market recovery started for equity and crypto segments simultaneously.
Prospectively, Solanas Firedancer upgrade has intensified positive market expectations among investors. This upcoming system overhaul will allow customers to expect the network to scale up its efficiency. Rising confidence in SOL reaches new heights because of ETF speculation and possible US stockpile initiatives.
Read more: https://www.tronweekly.com/ftx-unstakes-186k-sol-tokens/
Text source: TronWeekly
