Key Highlights:
FTX just offloaded 178,000 SOL tokens worth $28 million, stirring panic among Solana investors.
With 7.09 million SOL still staked by FTX, concerns loom about further sell-offs and their impact on Solana’s price stability.
Paradisers! Is Solana on the brink of a meltdown, or will it hold steady amid FTX’s latest move? That’s the question rattling through the crypto world today, as FTX/Alameda dumped a whopping 178,631 SOL tokens, worth $28 million right back into the market. For those paying attention, this isn’t a one-off; it’s part of a monthly pattern that could leave the Solana faithful sweating.
With over $1.1 billion worth of SOL still locked up in staking at FTX’s address, the question is whether these tokens will soon flood exchanges like Coinbase or Binance, pushing Solana into freefall.
What Does This Mean for Solana?
FTX’s ongoing liquidation spree is giving Solana investors flashbacks to November 2022, when the exchange’s implosion sent SOL tumbling down to just $8. Fast forward to today, and SOL has rallied to $160, but the specter of further FTX sell-offs is casting a shadow over its bullish momentum.
Currently hovering around $154, Solana is hanging on to key support at $150. If that breaks, we could see a sharp plunge towards $144. But if it survives this wave of selling pressure, a breakout above $160 could shoot the price up to $165. Either way, it’s a high-stakes moment for SOL holders, and the market is on edge.
Will Solana weather the storm, or are we about to witness another crypto crash in real time? Stay tuned and focused, the ParadiseTeam got your back.
