Solana Unstaked From FTX-Linked Wallet May Pressure Price — Market Talk

Solana may find itself under pressure in the near-term from the unstaking of more than 200,000 SOL from wallets owned by Alameda Research, the now-defunct cryptocurrency-trading arm of the extinct exchange FTX. Crypto firm Onchain Lens reported that the withdrawal of the unstaked solana is worth over $15 million, including nearly $3 million in solana generated since the account was first staked in 2017. The influx of supply may weigh on prices, says Lacie Zhang of Bitget Wallet Research. "Near term, this creates a supply overhang and could pressure sentiment, especially if the tokens move to centralized exchanges," says Zhang. She adds that it's not a foregone conclusion that these assets will be sold--although Alameda's Chapter 11 bankruptcy case remains open. Solana is down 1.9% to $74.91. ([email protected])