Solana Tests Support Levels After FTX/Alameda Unstakes $16.2 Million in SOL

Key Facts

1FTX/Alameda unstaked $16.2 million worth of Solana (SOL).

2Staking demand remains strong with a large portion of supply locked, limiting aggressive sell pressure.

Solana (SOL) has demonstrated resilience by stabilizing above the $85 level, moving up from previously tested support at $80 following the $16.2 million unstaking by FTX-linked entities. Recent data reveals that Solana ETFs experienced weekly outflows totaling $1.27 million, signaling a slight cooling in institutional demand via regulated vehicles. Despite these outflows, the total Assets Under Management (AUM) for Solana investment products remains robust at $817 million. While the price action suggests a recovery from liquidation fears, market participants remain focused on security concerns following the Drift Protocol exploit. Institutional accumulation continues to provide a backdrop of support even as short-term volatility persists. Overall, the ecosystem is balancing a minor dip in ETF appetite against strong price retention and long-term fundamental growth.

6 months ago

Version History

Version 46 months ago

What changed: Updated data to include $1.27M in weekly ETF outflows, total AUM reaching $817M, and price stabilization above the $85 mark.

Version 36 months ago

What changed: Added information regarding institutional accumulation of SOL, technical downside risks to $60, and the significant price surge in Zcash (ZEC).

Version 26 months ago

What changed: Updated the story to include reports of North Korean-linked exploits targeting the Drift Protocol and Solana-based DEXs, increasing security concerns.

Version 16 months ago

What changed: The story was updated to include new fundamental data, specifically the network surpassing 25.3 billion transactions and increased ecosystem activity driven by record pre-listing volumes.