News View Non-AMP

Solana Faces Major Whale Sell-Off as FTX Sells $1B SOL – Midterm Price Outlook

Published by
Elena R

Amid the notable fear of a final crypto sell-off before the bullish rebound anticipated to kickstart in the fourth quarter, Solana (SOL) whales have been fleeing the market recently. The large-cap layer-one (L1) altcoin, with a fully diluted valuation of about $78 billion and a daily average traded volume of around $1.7 billion, has faced significant resistance between $122 and $200 in the past five months. 

The marvel altcoin, heavily supported by venture capitalists, has been losing ground to Bitcoin as the latter’s dominance continues to gain.

Solana Whales Flee Ahead of FTX Unlocks

According to on-chain data analysis, a Solana whale unstaked 106,213 SOL units, worth about $14.3 million, and deposited the holdings into the Binance exchange, presumably for sale. 

Meanwhile, defunct cryptocurrency exchange FTX and its sister firm Alameda Research are expected to unstake and sell its Solana holdings, worth more than $1 billion. Moreover, FTX was ordered to repay creditors up to $16 billion, which the bankrupt firm intends to distribute in stablecoins.

Midterm Expectations

Despite the ongoing Solana whale’s capitulation, technical analysis suggests a potential bullish breakout toward $154 or $187 in the mid-term. Although there are no guarantees, the altcoin has successfully rebounded several times in the past five months from the support level above $122.

If the crypto market follows the ongoing Gold bullish breakout in the near term, Solana’s price will likely retest its all-time high before the end of this year. 

Nonetheless, with a consistent close below the crucial support level of around $122, the SOL price will face further bearish sentiment. It might end up retesting the support level around $90, which coincides with the 0.618 weekly Fibonacci Retracement.

Read Also : Top 5 Promising Crypto Projects of 2024 : Hamster Takes the Lead

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Bitwise Amends S-1 Filings for Spot Dogecoin ETF and Aptos ETFs: Approvals on Track?

Bitwise Asset Management filed amended S-1 registration statements with the United States Securities and Exchange…

June 27, 2025

Top Reasons Why Bitcoin Price May Retest $92k First Before Reaching $120k in the Midterm

Bitcoin (BTC) price has experienced heightened resistance around $108k in the past few days amid…

June 27, 2025

XRP Price Prediction, Next 100x meme coin : How Can XRP Push Past $5 Before the End of 2025?

XRP’s Setup Signals Breakout Potential XRP is showing strong recovery signs as analysts project a…

June 26, 2025

Kaanch Network Just Became the Most Talked-About Layer 1 Token on Crypto X

Kaanch is fast becoming one of the outstanding tokens in Crypto X which is attracting…

June 26, 2025

Ruvi AI (RUVI) Takes Notes from Avalanche’s (AVAX) Rise, Utility Focus and Passed Audit Put It on the Right Path

Avalanche took the crypto world by storm with its ability to deliver scalable and efficient…

June 26, 2025

Ledger and Chorus One to Boost ETH Staking with MEV Max Integration

Ethereum staking has grown from a niche activity into a foundational element of the blockchain…

June 26, 2025