Alameda Research, the bankrupt company tied to FTX, is back in the news after it suddenly unstaked around $33 million worth of Solana (SOL). What’s more, over $900 million in SOL is still locked in staking under the same address.
Now, people are wondering, was this simply a routine move, or could it have a bigger impact on Solana’s price?
According to Solscan data, Alameda’s staking address, which has been tied to the ongoing FTX bankruptcy process, unstaked 187,600 SOL on May 12 at 01:53 UTC+8. At current market value, this is worth about $32.79 million.
So far, there have been no further transfers from the address, and the tokens remain idle. However, given Alameda’s history and its large holdings, market participants are on edge.
Despite this unstaking, the same address still holds a massive 5.204 million SOL, worth roughly $910 million, which remains staked. This suggests that while the latest move may seem big, it’s still a small portion of the total holdings.
Whenever a large amount of crypto is unstaked, it opens the door for a potential sell-off, which often leads to short-term price dips. However, it’s important to note that no tokens have been moved or sold yet.
If Alameda decides to liquidate part of the unstaked SOL, it could trigger temporary pressure on Solana’s price.
Solana has stayed strong while many other cryptocurrencies have dropped. Prominent crpyto analyst Marty Party shared a daily chart of Solana showing a bullish pennant, a classic technical pattern that often appears before a breakout.
According to his analysis, the current structure hints that Solana could soon reach a target of $212, a level that once acted as key resistance. The chart shows that Solana recently made a strong recovery after falling sharply below $120.
Since then, it has climbed steadily and is now trading near $174, reflecting a rise of 20% seen in the last 7 days. If momentum continues, breaking above the pennant could signal a bigger move ahead.
FTX collapsed in November 2022 after it was revealed that the company misused customer funds and faced a massive liquidity crisis. This led to bankruptcy, legal investigations, and major losses for users and investors.
Alameda still holds 5.2 million SOL, worth about $910 million, which remains locked in staking.
Analysts see a bullish pennant on Solana’s chart, with a possible breakout target of $212 if momentum holds.
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