Despite FTX/Alameda recently unstaking over $1 billion worth of Solana (SOL), the coin has managed to maintain its bullish momentum, trading near $137.77 and reaching a high of $139.76. This resilience is supported by broader market optimism, fueled by expectations of a Fed rate cut. However, concerns about increased SOL supply potentially creating future selling pressure remain. The global crypto market cap has surged by 3.31% to $2.11 trillion, with a total volume increase of 8.6% to $66.54 billion, contributing to the positive sentiment in the market.
FTX/Alameda’s significant unstaking of SOL, totaling over $1 billion, has raised concerns about potential market impact. In the past three months, 530,000 SOL, valued at $71 million, have been unstaked, averaging 176,700 SOL ($23.5 million) per month. Despite this, FTX/Alameda still holds 7.06 million SOL, worth approximately $945.7 million. The large-scale unstaking event may introduce significant selling pressure that could limit further gains for Solana in the near future. This has sparked worries among investors about the future performance of SOL in the market.
Solana’s price resilience amidst FTX/Alameda’s unstaking activities is notable, with the coin trading at $139.60 and experiencing a 4% increase. The broader crypto market has also been bullish, with Bitcoin surpassing $60,000 and Ethereum climbing past $2,400. This positive momentum is driven by rising expectations of a Fed rate cut and better-than-expected U.S. PPI data. However, the increased supply of unstaked SOL could potentially exert downward pressure on its price if selling intensifies in the market.
From a technical analysis perspective, Solana (SOL/USD) is currently trading at $137.03, down 1.35% on the day but remaining within an upward channel. Immediate resistance is observed at $139.98, with further targets at $144.30 and $148.48 if this resistance is broken. The 50-day EMA at $134.89 provides support, indicating a potentially continued bullish trend if prices exceed this key moving average. If SOL falls below $136.04, support levels at $131.79 and $128.24 could be tested, leading to accelerated selling and price declines.
In conclusion, Solana’s short-term outlook remains cautiously bullish as long as it maintains the $136 support level. The coin has the potential for further gains if it breaks resistance at $139.98. Amidst ongoing market developments and the potential impact of FTX/Alameda’s unstaking activities, investors are advised to monitor the situation closely and assess the implications for Solana’s price trajectory. Additionally, the introduction of Memebet Token and its unique features in the realm of meme coin casinos presents an interesting opportunity for players to engage with meme coins like $PEPE and $DOGE in web and Telegram casinos, offering exclusive rewards and bonuses for participants.
