- FTX and Alameda’s $431M SOL unlock fuels market volatility amid bankruptcy proceedings.
- Since November 2023, FTX and Alameda have unstaked nearly $986M in Solana tokens.
- Solana’s price drops 20%, testing resistance at $145 amid continued SOL unlocks.
FTX exchange wallets, together with its subsidiary Alameda Research, unstaked 3.03 million Solana (SOL) tokens on March 4, 2025. SOL acquirers completed their largest token release since November 2023 at a cost of $431 million. The blockchain analytics firm Lookonchain identified this transaction, which demonstrated FTX and Alameda Research’s continued asset selling due to bankruptcy.
Shortly after, FTX and Alameda transferred 25,000 SOL, worth $3.3 million, to the Binance exchange, according to Solscan data. This unstaking aligns with FTX’s broader strategy for managing its bankruptcy proceedings.
Since November 2023, the firms have unstaked 7.83 million SOL, totaling nearly $986 million, with transfers directed to exchanges like Binance and Coinbase. Spot On Chain data confirms these tokens sold at an average price of $125.80 per SOL. The market now watches closely as these actions unfold amid Solana’s recent price fluctuations.
Bankruptcy Court Limits Solana Liquidation Amounts
A September 2023 Delaware Bankruptcy Court ruling governs FTX’s ability to sell its digital assets. The court permits weekly liquidations starting at $50 million, rising to $100 million in subsequent weeks. For sales exceeding $200 million weekly, FTX must seek additional approval. This restriction prevents the firms from offloading the full $431 million in SOL at once, potentially stabilizing market impact.
Despite these limits, the consistent flow of SOL to exchanges raises concerns among investors. The court’s oversight aims to balance creditor repayments with market stability. However, the sheer volume of unstaked tokens and Solana’s 20% price drop in the last 24 hours keep traders alert. The interplay between legal constraints and market dynamics remains a key focus.
Solana Price Faces Pressure Amid Market Trends
Solana’s price fell over 20% on March 5, 2025, reducing its market cap by nearly $10 billion. Trading at $142.99, SOL now tests a critical resistance level at $145, which previously served as support. Analysts suggest a break above this threshold could push prices toward $165, signaling recovery potential. Conversely, failure to hold may increase selling pressure.
External factors, including new U.S. tariffs on Mexico and Canada, contribute to broader crypto market declines. Yet, FTX’s token unlocks remain the primary driver for SOL’s volatility.
With more unstaking expected in April, the market braces for continued turbulence. Coinglass data indicates that $300 million in liquidations could trigger a rebound if SOL drops to $127, offering a potential buffer against a fall below $100. Experts note that historical resilience and Bitcoin’s seasonal trends may also support stabilization above $120.
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