Solana (SOL) price is showing a mild bullish trend, hovering near key support levels. However, concerns are rising as FTX plans to redeem around $27 million worth of SOL tokens. This move could bring volatility to the market and affect Solana’s performance in the short term.
Solana prices have increased slightly over the past 24 hours, maintaining an overall upward trend. As of reporting time, the SOL price is hovering at $154.24, reflecting a 0.99% increase over the past day. During this period, the price trend has reached a high of $157.99 and a low of $152.60.
Cryptocurrency prices surged on Tuesday, sparking optimism among investors in global markets. Bitcoin (BTC) experienced a remarkable rally, breaking through the $65,000 mark, boosting market sentiment. Ethereum (ETH) followed suit, climbing to $2,600, as several major cryptocurrencies gained momentum.
FTX's cancellation of SOL staking may affect Solana's price
EmberCN shared a post on X post highlighting a major change to FTX/Alameda’s SOL staking wallet, which unstaked 178,631 SOL worth about $28 million earlier today.
According to historical transaction data, unstaked SOL is often transferred to multiple addresses. These assets are often transferred to exchanges such as Coinbase or Binance, indicating that they may be liquidated.
The frequency of these transactions suggests a pattern where approximately 170,000 SOL are unstaked between the 12th and 15th of each month. Despite this latest movement, there are still 7.09 million SOL staked in wallets, valued at over $1.1 billion.
A large amount of SOL flooding the market could put downward pressure on prices. If a large amount of SOL is liquidated, it could disrupt Solana’s ongoing bull run and could cause volatility in the short term.
SOL Price Analysis: Is $80 Support Coming?
If the bullish trend persists, the next resistance level to watch is $160, which could signal a further rise towards the $180 mark. However, if the market experiences a correction, the bearish movement could lead SOL towards the $150 support level. If the bears apply more pressure, the SOL price could hit the $80 support level.
The SOL price prediction trades above $150, but a bearish turn could see SOL drop to key support levels, including a potential $80 mark. As the market watches closely, investors weigh the potential for increased selling pressure if FTX continues with its liquidation strategy.
#加密市场急跌 $SOL
