- Alameda Research unstaked $23M in Solana, but the price remained unaffected amid broader bearish sentiment in the crypto market.
- Despite large SOL unlocks, Solana’s price faces downward pressure with a potential death cross signaling further declines.
Alameda Research recently unstaked $23 million worth of Solana (SOL) tokens, distributing them to 38 addresses linked to the defunct FTX exchange. On-chain data from Arkham Intelligence confirmed these movements. Despite the large-scale transfer, Solana’s price has remained unaffected, raising questions about the implications for the token soon.
ARKHAM ALERT: ALAMEDA ADDRESS JUST UNSTAKED $23M SOL TO 38 NEW ADDRESSES
An FTX/Alameda Staking address received $22.9M SOL from a staking address unlock and has just distributed these funds to 37 addresses that have previously received SOL from this address.
These addresses… pic.twitter.com/9eWuKAY4na
— Arkham (@arkham) March 12, 2025
The recent unlock adds another chapter to the ongoing saga of Alameda Research’s handling of Solana assets since the collapse of FTX. Over the past several months, Alameda has been transferring large amounts of SOL, and this latest move has added to the tally of assets transferred to exchanges. Since November 2023, FTX and Alameda have moved over 7.8 million SOL, worth approximately $1 billion, to various exchanges, including Coinbase and Binance.
Alameda currently holds around 5.5 million SOL tokens valued at nearly $693.8 million in its staking address. This continued release of Solana tokens, including the recent $1.57 billion worth of SOL, has raised concerns over the upcoming impact on Solana’s market liquidity and price stability.
While no official statement has been made regarding the planned use of these unstaked tokens, many believe that they could be allocated to FTX creditor repayments, as reported by ETHNews. Given the scale of FTX’s debts, it’s likely that even large unlocks may not significantly impact the market’s supply-demand equilibrium in the short term.
Why Didn’t Solana’s Price React?
Unlike previous large transfers of assets, such as Ethereum or MATIC, Solana’s price has barely moved following this unlock. Previous similar movements by Alameda had a clear impact on market prices, with Ethereum’s price rising by 10% after a transfer of $14.75 million worth of ETH. However, Solana’s market has shown a muted response, and the reason for this is versatile.
The bearish sentiment affecting the crypto market is a major factor contributing to this lack of price movement. Uncertainty has surrounded the Solana network due to the recent delay in several Solana ETF applications by the SEC, adding further skepticism. Additionally, the ongoing state of extreme fear in the crypto market, caused by outflows from major cryptocurrencies, has dampened the impact of these moves on Solana’s price.
The General Overview of Solana’s Market Outlook
Solana’s price has faced continuous downward pressure, trading at a six-month low. As of press time, the price hovers around $124. Despite Alameda’s ongoing release of tokens, there has been little shift in the supply-demand balance. Since FTX’s creditor repayment process is still ongoing, these large token movements may not necessarily result in a drop in Solana’s price.
On-chain data shows that Solana is approaching a technical point. The 50-day simple moving average (SMA) is now below the 200-day SMA, adding to the possibility of a death cross. This is a bearish indicator, and if the death cross materializes, Solana’s price may face additional declines, as seen in previous instances of this occurrence.
