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Home»ALTCOIN NEWS»FTX and Alameda Cancel $24M SOL Sale: Is Solana at Risk of a Massive Sale?
ALTCOIN NEWS

FTX and Alameda Cancel $24M SOL Sale: Is Solana at Risk of a Massive Sale?

By Crypto FlexsSeptember 12, 20244 Mins Read
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FTX and Alameda Cancel M SOL Sale: Is Solana at Risk of a Massive Sale?
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  • FTX Real Estate Connect Crypto Wallet Withdraws 177,693 SOL from Solana PoS
  • This comes just a day after Caroline Ellison’s trial date was announced.
  • Technical analysts have identified the current sideways channel price range for SOL.

It looks like the collapsed FTX exchange is preparing to refund customers. Almost two years after its collapse in November 2022, a wallet affiliated with FTX and sister company Alameda Research has redeemed 177,693 SOL from Solana’s staking service.

Is FTX creating an environment for customer repayments?

This major move has sent ripples through the crypto space, with FTX assets being notorious for selling SOL primarily on the OTC. 177,693 SOL is holding steady, but the question is whether the token will be dumped on centralized exchanges in the coming days.

FTX/Alameda Related Wallet H4y… gFZ redeemed 177,693 SOL ($23.75 million) from Solana PoS staking today, and will be able to transfer the SOL to CEX in the future. The H4y… gFZ address currently holds up to 7,057,000 SOL ($943 million) in stake. Most of the SOL held by FTX is…

— Wu Blockchain (@WuBlockchain) September 12, 2024

The nearly $24 million settlement coincides with news that Caroline Ellison’s sentencing date is set for September 24, 2024. Ahead of the trial, FTX’s defense team may be working on a repayment plan for the digital assets, as the former Alameda CEO and former lover of Sam Bankman-Fried is not likely to face prison time.

Can Solana survive the impending sale?

As FTX’s legal action escalates, it is worth questioning the impact of the 177,693 SOL dump on the token’s market price. On Thursday, SOL rose 2.3% to $134.62, continuing to perform in a sideways trading channel. The price range between $120 and $190 is considered a sideways channel, and Solana’s price has closed in that range for the past seven days.

After breaking above the $190 resistance on July 29, 2024, Solana was unable to hold the resistance level and even briefly plunged below $120 on August 5, 2024, which was a brutal day for the broader cryptocurrency markets. However, the $120 support level proved real for SOL, and has kept the “Ethereum Killer” in a sideways channel ever since.

$Sol
The price is trading in the Sideways Channel ($120 – $190). Swing traders: You can trade the channel, enter near the channel support at $120 and exit near the channel resistance at $190. (SL) is $108. Learn how to trade the Sideways Channel in Lesson 6 of the Trading Course. #brush #solana pic.twitter.com/fT7mP8OBxS

— CoinCodeCap Trading (@c3_trading) September 12, 2024

This is why technical analysts like CoinCodeCap Trading use the 200-day simple moving average (SMA) as a key indicator to determine Solana’s direction. The trader believes Solana’s 200 SMA, shown as a purple line on the graphic, could break above the $160 resistance level. CoinCodeCap told swing trading followers to close out swing trades near $190 and consider a stop loss at $108.

On the other side

  • Strong investor demand for Solana (SOL) has resurfaced in the derivatives markets, which could minimize the likelihood of an impending sell-off on the FTX exchange having a significant impact on the SOL price.
  • For example, SOL’s outstanding commitment weighted funding ratio turned positive on September 12, 2024, when volume reached $5.99 billion and outstanding leverage play increased by approximately 2%.
  • Excluding the recently released $24 million, there are still 7,057,463 SOL tokens in that address. staked a stakeThis amounts to a whopping $950 million at the time of publication.

Why this matters

While large token sell-offs tend to have a market impact, legal developments in the FTX bankruptcy case could pave the way for a smooth compensation plan for investors who suffered massive losses due to FTX’s liquidity crisis in late 2022.

Check out the latest cryptocurrency news from DailyCoin:
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