Earlier this week, a wallet linked to the collapsed crypto exchange FTX and its trading arm, Alameda Research, unstaked $431.3 million worth of Solana (SOL).
A portion of those funds—$3.4 million, to be exact—have been transferred to Binance.
When wallets transfer assets to crypto exchanges, they are typically looking to sell them.
Although the FTX-linked wallet has only moved a small portion of its SOL holdings, its court-mandated obligation to repay billions to creditors suggests that more tokens could be transferred and sold in the future.
However, with Solana’s 24-hour trading volume at $4.47 billion, even a full liquidation of FTX’s remaining SOL is unlikely to disrupt the market significantly, as it represents less than 10% of the token’s daily activity.
Additionally, large sales of this scale are typically handled over-the-counter (OTC) rather than dumped directly on exchanges.
This approach helps prevent slippage and minimizes market impact, making it less likely to trigger a sharp decline in SOL’s price.
SOL Could Retest its Sunday Highs if It Breaks This Key Resistance
In the past day, SOL has gone up 2.4% and currently stands at $151.8 per coin. The native asset of the Solana network has managed to keep some of its Sunday gains despite the significant volatility that came after.
SOL was mentioned by President Donald Trump among the assets that could be included in a U.S. strategic crypto reserve alongside Bitcoin (BTC), Ethereum (ETH), XRP (XRP), and Cardano (ADA).
Although the token surged by nearly 25% during the weekend, it shed most of those gains the day after.
That said, momentum indicators are favoring a bullish outlook for SOL as the Relative Strength Index (RSI) has climbed above the signal line while the MACD’s histogram shows that positive momentum is steadily rising.
The $156 level is the most relevant resistance to overcome for SOL if bulls intend to keep pushing the price higher. If the price moves above this level, the odds that it could retest its Sunday highs will increase dramatically.
Meanwhile, $134 remains a key support level for Solana. A break below this threshold could see SOL drop into the low $120s.
Solana previously faced congestion issues in January when $TRUMP was launched, highlighting the network’s scalability challenges.
To address these limitations, a new Layer 2 scaling solution, Solaxy ($SOLX), was developed to enhance network efficiency.
Solaxy ($SOLX) Raises Over $25M to Strengthen the Solana Ecosystem
Solaxy ($SOLX) is a layer-two scaling solution that aims to alleviate Solana’s congestion issues safely.
The project’s presale event kicked off in December last year. Since then, it has raised $25.1 million to deploy its rollup.
Solaxy bundles transactions offline before sending them to the mainnet to increase the efficiency of each block.
The development team provided an update on March 3, stating that they are in discussions with leading wallet providers and token-minting protocols to enable seamless asset transfers and launches on Solana via Solaxy.
At its current discounted price of $0.001654, the $SOLX utility token offers strong upside potential for early buyers, along with 163% staking rewards. However, the presale price is set to increase in just 7 hours, making this a limited-time opportunity.
To buy $SOLX, head to the Solaxy website and connect your wallet.
You can either swap ETH, USDT, or SOL, or use a bank card to make your investment.
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