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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Apr 11, 2025 08:05 UTC
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FTX Unstakes 186K SOL: Will Solana Price Drop Ahead of May 1 Unlock?
FTX and Alameda unstakes186,300 SOL worth $21.56M, sparking fears of a market sell-off.
FTX still holds 5.36M SOL ($619M) in staked funds awaiting future unlocking.
Adding the concern, another 73,700 SOL ($8.59M) set to unlock on May 1.
As the crypto market struggles with ongoing economic challenges, the impact of the collapsed exchange FTX continues to be felt. In a recent development, FTX unstaked 186,300 Solana (SOL) tokens—worth around $21.56 million—sparking fears of a potential sell-off.
Adding to the concerns, another 73,700 SOL tokens (worth about $8.59 million) are set to unlock on May 1. With more tokens entering circulation, some investors worry this could push Solana’s price back down to $110.
Here’s what’s next.
FTX Wallets Still Loaded With SOL
According to blockchain analytics platform Arkham, FTX/Alameda unstaked the 186,300 SOL from one of their staking accounts. Although the tokens haven’t been sold yet, their availability has created uncertainty about what FTX might do next.
Despite this move, FTX/Alameda still holds a massive 5.36 million SOL, worth around $619 million, which remains staked. These funds are locked and can’t be moved or sold until they’re unlocked over time.
Major Solana Token Unlock Ahead
The upcoming unlock of 73,700 SOL, confirmed by the Solana Portal, has sparked concern among traders. The added supply could increase selling pressure, especially with Solana currently ranked as the sixth-largest cryptocurrency by market cap. Any sharp rise in available tokens might affect its price direction.
After the unstaking, some investors began selling their holdings out of caution. However, Solana’s price has stayed relatively stable, currently trading around $116—up 1% on the day—with a market cap of $60 billion.
Key Levels to Watch for SOL Price
Since March 2025, Solana has been in a downward trend. Still, it has a strong support level at $110, which could help the price hold or rebound.
If buying interest picks up, SOL could climb to $127 in the near term, and possibly reach $145 if momentum continues. But if more selling pressure comes in, the price could slip back to the $110 level.
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The clock’s ticking on that May 1 unlock—and the market’s holding its breath.
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