FTX has made headlines again after moving nearly $31 million worth of Solana (SOL) during a period of renewed optimism in the cryptocurrency market. The move, involving over 189,000 SOL tokens, has triggered fresh concerns among traders and analysts about potential selling pressure, especially as Solana gains traction with institutional investors and retail buyers alike.
According to data from Lookonchain, FTX unstaked precisely 189,851 SOL tokens, with an estimated value of $31.32 million. The timing of this move is particularly notable. It arrives just as Solana’s price is riding a bullish wave, propelled by broader gains in the crypto market and a surge in institutional interest. Despite the rally, the sudden release of a large volume of SOL has led some to question whether this could lead to near-term price volatility.
Notably, this isn’t the first time FTX has unstaked large volumes of SOL. The exchange, which is currently undergoing bankruptcy proceedings, has been gradually releasing its holdings in line with its restructuring efforts. However, given the current market momentum and Solana’s strong performance, many market participants are watching closely to see how this move will affect short-term price action.
While some view the transaction as a simple procedural step, others suggest that it might signal a possible liquidation, which could introduce temporary selling pressure. A large transfer like this during a bull phase often captures the attention of traders, many of whom remain cautious after witnessing similar sell-offs in the past.
Yet, the context surrounding the move paints a more nuanced picture. Solana has become one of the fastest-growing blockchain networks in 2025, with a rapidly expanding ecosystem and increased adoption across DeFi, NFTs, and tokenized assets. Institutional investors have shown increasing interest in integrating Solana into their operations, and the asset’s recent resilience in handling transaction loads has further reinforced confidence in the protocol.
Analysts tracking Solana’s on-chain metrics note that the network is currently processing more than $30 billion in daily transactions. Despite past concerns over congestion and outages, Solana’s infrastructure appears to be handling increased demand more effectively, which could help mitigate any potential disruption from FTX’s unstaking.
Moreover, the unstaked amount—while significant in dollar terms—may not be large enough to shake the market given Solana’s high trading volume and liquidity. Some observers believe that even if FTX were to sell the unstaked SOL, the market could likely absorb it without a major price drop.
Another angle to consider is FTX’s broader asset repayment strategy. The company, currently under court supervision, has been working through a complex $5 billion repayment plan. A substantial portion of creditor claims—estimated at around 82%—come from users based in China, which could complicate disbursement efforts due to the country’s strict ban on cryptocurrency transactions.
FTX’s prior moves related to Solana also provide some insight into possible outcomes. Earlier this year, the exchange prepared to distribute billions in customer assets, during which over $236 million worth of SOL was released. That event coincided with a short-term dip in Solana’s price, although the asset quickly recovered in subsequent trading sessions.
The current $31 million unstaking is considerably smaller in scale. Still, market reactions often hinge on sentiment rather than size alone. With Solana trading near multi-month highs, some traders worry that even a moderate sell-off could temporarily reverse recent gains.
However, not everyone sees this as a negative development. A few analysts speculate that FTX might be preparing to reallocate or reinvest the unstaked funds into other strategic assets or projects. Others argue that the move could simply reflect ongoing treasury management as FTX restructures its portfolio.
Adding to the complexity is the behavior of long-term holders and institutional players. If large entities choose to hold onto the unstaked SOL or re-stake it, the market impact could be minimal. On the other hand, if a large chunk of tokens is dumped into exchanges, traders may face short-term volatility.
Despite these concerns, Solana’s underlying fundamentals remain solid. The network’s total value locked (TVL) continues to climb, and its native ecosystem is expanding at a fast pace. From decentralized exchanges to staking platforms and NFT marketplaces, Solana is proving to be a formidable layer-1 competitor in the crypto landscape.
In terms of price action, Solana remains technically strong. The asset is trading above key moving averages and has recently formed bullish patterns on multiple timeframes. Traders are closely watching resistance levels near $175 and psychological thresholds like $200, which could serve as targets in the ongoing rally.
For now, FTX’s unstaking event serves as a reminder that market sentiment can shift quickly, especially when large entities move significant funds. Whether the market shrugs off this latest development or reacts with caution remains to be seen. However, with Solana’s growing maturity and increased institutional backing, the broader outlook remains constructive.
As investors weigh the implications of FTX’s moves against Solana’s momentum, it’s clear that the next few weeks will be critical. Should the market absorb this supply smoothly, it may reaffirm confidence in Solana’s price strength. But if panic selling ensues, traders may need to brace for temporary turbulence.
Either way, Solana continues to solidify its position as one of the key players in the next phase of crypto adoption—regardless of what short-term market mechanics unfold.
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