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Title: FTX Just Unstaked 190K SOL, Right as Solana Breaks Out
A recent transaction has raised eyebrows in the crypto community, as a wallet tied to the now-defunct exchange FTX and its trading arm Alameda Research has unstaked an enormous 190,821 Solana (SOL) tokens. This significant move is taking place simultaneously with Solana’s breakout from a multi-year bullish pattern.
The unstaking of 190K SOL tokens comes as a massive $35 million transaction, sparking speculation about the potential destination of these assets. Some experts have hypothesized that FTX may be sending this substantial amount to BitGo Custody for centralized management under a structured liquidation strategy. Others predict that the tokens could be distributed directly to creditors as part of repayment efforts.
It is noteworthy that despite this significant unstaking event, FTX and Alameda still maintain an enormous 4.34 million SOL tokens, worth approximately $797.25 million, currently locked in staking positions.
Solana’s Technical Breakout
The timing of the unstaking is particularly remarkable, as it coincides with Solana’s technical breakout from a multi-year “cup & handle” pattern that has been forming since late 2021. At the time of writing, SOL is trading at around $184, having gained over 12% in the past week.
If the bullish trend continues to hold its ground, renowned analyst Ali Martinez projects an impressive potential rally towards $1,315, more than six times the current price.
Solana’s network development remains active, with recent upgrades aiming to increase transaction and smart contract capacity.
Source: www.coinspeaker.com
