11-4-2025 – The collapsed FTX exchange continues to ripple through the market. The latest development sees FTX, unstake a substantial tranche of Solana (SOL) tokens—186,300 to be precise, carrying a valuation of $21.56 million. This manoeuvre has sparked unease among investors, who now brace for the possibility of a significant sell-off that could further unsettle an already fragile market.
Compounding these concerns is the imminent release of an additional 73,700 SOL tokens, worth $8.59 million, scheduled for May 1, according to data from the Solana Portal. This forthcoming unlock has ignited debates within the crypto community, with many speculating that the sudden influx of tokens could exert downward pressure on Solana’s price. As the sixth-largest cryptocurrency by market capitalisation, Solana’s movements are closely watched, and any shift in its supply dynamics carries weighty implications.
Yet, despite the apprehension, Solana’s price has displayed resilience. Hovering around $116, it has managed a modest 1% uptick, bolstered by a market cap of $60 billion. Technical analysis reveals a critical support level at $110, which has so far held firm against bearish tides. Should bullish momentum return, analysts suggest SOL could climb to $127 in the near term, with a potential push towards $145 if confidence persists. However, the spectre of intensified selling looms large, and a failure to hold above $110 could see prices retreat once more.
Meanwhile, FTX’s broader holdings remain a point of intrigue. Blockchain insights from Arkham indicate that FTX and its affiliate Alameda still control a formidable 5.36 million SOL, valued at roughly $619 million, all of which remains staked and locked for now. The gradual unlocking of these assets will likely prolong market uncertainty, as investors await clarity on whether these tokens will flood exchanges or remain dormant.
