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FTX Unleashes $35M in SOL, Aligning with Solana’s Market Momentum
In a sudden and unexpected move, a wallet tied to the defunct cryptocurrency exchange FTX and its trading arm, Alameda Research, has unstaked 190,821 Solana (SOL) tokens. This significant transaction, valued at around $35.52 million at the time of the move, has sparked speculation about the potential destination of these funds.
As the market takes note of this development, it is also observing a notable increase in Solana’s price action. The cryptocurrency has broken out of a multi-year bullish pattern, fueled by optimism surrounding its scalability and network upgrades.
The FTX-Alameda staking position remains substantial, with over 4.34 million SOL tokens locked in staking positions, valued at approximately $797.25 million.
This latest move raises questions about the future distribution of these funds, potentially providing a boost to the cryptocurrency’s already remarkable rally.
Source: www.coinspeaker.com
