FTX Unstaked 186K SOL: Is Another Selloff Coming?

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FTX’s Latest Move: Are We in for a Wild Ride? 🚀😱

In the dim light of a Friday morning, a wallet, whispered to be the haunt of FTX and its Alameda Staking, decided to shake things up by unstaking a hefty 186,326 Solana tokens. That’s a cool $21.5 million, folks! 💰

Now, while these tokens are still lounging in FTX’s digital abode, history has shown us that such unstaking often leads to a selloff. It’s like watching a soap opera where the bankrupt exchange tries to pay off its creditors—drama guaranteed! Last month, they unstaked over 185,000 SOL, and the on-chain data is just sitting there, judging us all.

No Bears This Time

But hold your horses! Unlike previous episodes of the SOL unstaking saga, this time Solana didn’t throw a tantrum. Nope, it decided to rise by 0.6% in the last 24 hours, reaching $116.5. It even managed to outshine USDC, surpassing its market cap and claiming the sixth-largest cryptocurrency title. Bravo, Solana! 🎉

However, let’s not get too carried away; the daily trading volume took a nosedive, dropping 38% to $4 billion. Ouch! 📉

According to our crypto oracle, The Catalyst Ken, Solana’s price has formed a symmetrical triangle on its hourly chart. Sounds fancy, right? But what does it mean? Well, it means we might be in for some price gymnastics this weekend.

“$SOL bounces off from 0.618 Fib perfectly, we are currently tracking a symmetrical triangle formation at the lower time frame. Expecting price volatility in the weekends, don’t take leverage, if the price goes down, buy spot and hold ✔️ #Solana”

— The Catalyst Ken (@TheCatalyst_K) April 11, 2025

The chart is hinting at some wild price swings, and who doesn’t love a good rollercoaster ride? 🎢

Now, let’s talk about the elephant in the room: the financial markets have been a bit shaky lately, thanks to the brewing trade war between the US and China. But fear not! After President Trump decided to hit the pause button on some tariffs, the stock and crypto markets perked up like a cat that just spotted a laser pointer.

If the tariff war cools down, we might just see the bull run make a grand comeback. 🐂💨

And let’s not forget the excitement surrounding Solana’s Firedancer upgrade, set to launch this year. This third-party validator software, crafted by Jump Crypto, promises to tackle Solana’s scalability issues. Fingers crossed! 🤞

Moreover, the potential approval of Solana-based exchange-traded funds in the US and SOL’s inclusion in the national crypto stockpile are adding a sprinkle of optimism to the mix. Who knew crypto could be this thrilling? 🎊

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2025-04-11 16:44