Key Notes
- FTX’s wallet unstaked over 186,000 SOL.
- This could trigger short-term selling pressure.
- Solana became the sixth-largest crypto, swapping USDC, despite the market-wide selloff.
A wallet address tagged as FTX/Alameda Staking unstaked 186,326 Solana SOL $129.6 24h volatility: 7.9% Market cap: $66.88 B Vol. 24h: $4.36 B tokens, worth $21.5 million, early Friday, April 11.
While the assets haven’t moved from FTX’s address, the unstaking process has, historically, led to a selloff as the bankrupt exchange aims to repay its creditors. The address also unstaked over 185,000 SOL last month, onchain data shows.
So far, FTX and its hedge fund have unstaked more than 3 million SOL tokens and transferred the assets to unknown wallets.
No Bears This Time
Unlike the previous set of SOL unstaking events by FTX, Solana didn’t see a sudden selloff rush despite the market-wide correction.
SOL even rose by 0.6% in the past 24 hours to $116.5. Solana’s market cap surpassed USDC’s $59.9 billion market cap, reaching $60.1 billion, to become the sixth-largest cryptocurrency in the market.
However, the daily SOL trading volume decreased by 38% to $4 billion.
According to crypto analyst The Catalyst Ken, Solana price has formed a symmetrical triangle on its hourly chart.
$SOL bounces off from 0.618 Fib perfectly, we are currently tracking a symmetrical triangle formation at the lower time frame,
Expecting price volatility in the weekends, don’t take leverage, if the price goes down, buy spot and hold ✔️ #Solana pic.twitter.com/3mY9H5BYSt
— The Catalyst Ken (@TheCatalyst_K) April 11, 2025
The chart suggests that SOL could see high price volatility amid the market uncertainty over the weekend.
One of the main reasons behind the crash in the financial markets, including crypto, at the start of the week, was the rising tension around a trade war between the United States and China, two of the largest economies in the world.
However, after US President Donald Trump announced a 90-day pause on some of the tariffs, the stock and crypto markets started to see a spike in buying pressure.
If the US tariff war cools down, it’s likely to see the revival of the bull run.
In addition to the tariff pause, investors are optimistic about Solana’s Firedancer upgrade which is expected to go live this year. Firedancer is a third-party validator software for Solana, developed by the blockchain infrastructure provider Jump Crypto.
The upgrade is expected to address Solana’s scalability issues.
Moreover, the potential approval of Solana-based exchange-traded funds in the US and SOL’s inclusion in the US national crypto stockpile has also strengthened the optimism around the asset.
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