- FTX unstaked and offloaded another $22.9 million SOL to different addresses.
- So far in March, SOL has seen about $400M in outflows per Coinglass data.
FTX/Alameda offloaded another 185,345 Solana [SOL] ($22.9M) tranche, raising sell-off fears.
According to blockchain analytics platform Spot On Chain, the defunct exchange moved the SOL to 38 wallets for distribution, which is part of its monthly unloading.
Source: Spot On Chain
The bankrupt exchange still had 5.5 million SOL (worth $696M) staked. Since November 2023, the firm has unloaded about $1B of SOL, added Spot On Chain.
On the 4th of March, FTX unstaked and offloaded over 3M SOL ($432M), likely part of the scheduled 11.2M SOL unlock.
Although SOL priced in the unlock and dipped to $125 at the end of February, the CME Solana Futures announcement at that time boosted the altcoin to $180.
SOL on the edge
Since the liquidity squeeze by TRUMP memecoin in mid-January, the altcoin’s market sentiment hasn’t been strongly positive.
After the CME Futures update, SOL’s sentiment briefly turned positive but remained negative afterward. Social volume, which tracks online market interest, also remained muted in Q1 2025.
Source: Santiment
At the time of writing, SOL was valued at $127, down 57% from a record high of $295. Combined with the negative sentiment, it could be less attractive for short-term traders, especially with macro uncertainty.
However, the altcoin could be undervalued for long-term investors and a great buy at current levels.
In fact, a LookOnChain report noted that a recently created wallet scooped $25M SOL from Binance, way more than the FTX’s unstaked amount.
However, the overall trend amongst investors was a risk-off approach. Per Coinglass data, SOL has seen nearly $100M outflows this week.
In the previous week, the unlock period, $319 million was withdrawn from SOL markets, reinforcing a bearish sentiment.
Source: Coinglass
Although the outflows have subsidized, SOL would need a massive demand to reverse 57% losses.
From a price chart perspective, current levels would be a buy if the $120 and crucial 2024 support level is defended strongly.
Source: SOL/USDT, TradingView
However, the second and relatively safer entry for a SOL long position would be if the price reclaims the moving averages, especially for short-term traders.
On the flip side, a crack below $120 support would drag SOL to $100.
