The recent announcement that FTX/Alameda has unstaked over $1 billion worth of Solana (SOL) has raised concerns about potential market impact. Despite this news, Solana has remained strong, trading near $137.77 and reaching a high of $139.76. The broader market optimism, fueled by expectations of a Fed rate cut, has supported this bullish trend. However, the increased supply of unstaked SOL may create future selling pressure, potentially limiting further gains in the near future.
FTX/Alameda’s unstaking of over $1 billion in Solana (SOL) over recent months has sparked concerns about potential selling pressure affecting Solana’s market performance. Despite unstaking 530,000 SOL valued at $71 million in the past three months, FTX/Alameda still holds 7.06 million SOL, worth roughly $945.7 million. This large-scale unstaking event could impact SOL’s upward trajectory in the near future, given the potential for increased selling pressure from such a significant withdrawal.
Despite concerns about FTX/Alameda’s massive unstaking, Solana continues to show resilience, trading at $139.60 with a 4% increase. The broader crypto market remains bullish, with Bitcoin surpassing $60,000 and Ethereum climbing past $2,400. Rising expectations of a Fed rate cut and better-than-expected U.S. Producer Price Index data have fueled this upward momentum. However, the increased supply of unstaked SOL may put downward pressure on its price if selling intensifies.
Solana (SOL/USD) is currently trading at $137.03, down 1.35% on the day but remaining within an upward channel. Immediate resistance is seen at $139.98, with potential further gains targeting $144.30 and $148.48. The 50-day EMA at $134.89 provides additional support, suggesting a continued bullish trend if prices surpass this key moving average. However, if SOL dips below $136.04, it could test support at $131.79 and potentially $128.24, triggering accelerated selling pressure.
In conclusion, Solana’s short-term outlook remains cautiously bullish as long as it holds the $136 support level. There is potential for further gains if it breaks resistance at $139.98. The market is optimistic due to expectations of a Fed rate cut and positive economic data, but the increased supply of unstaked SOL may lead to selling pressure that could limit Solana’s upward momentum. Investors should monitor these factors closely to make informed decisions about their investments in Solana.
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