- Oh look, FTX just decided to play Santa and offloaded another $22.9 million SOL. 🎅💰
- And in March alone, SOL has seen about $400M in outflows. Who needs a bank when you have FTX? 🙄
FTX/Alameda has offloaded another 185,345 Solana [SOL] ($22.9M) tranche. Because why not raise sell-off fears while we’re at it? 😬
According to the blockchain detectives at Spot On Chain, the defunct exchange moved the SOL to 38 wallets. It’s like a game of hide and seek, but with money! 🕵️♀️
The bankrupt exchange still has 5.5 million SOL (worth $696M) staked. Since November 2023, they’ve unloaded about $1B of SOL. Talk about a fire sale! 🔥
On March 4th, FTX unstaked and offloaded over 3M SOL ($432M). Probably part of their “let’s unlock everything” party. 🎉
Even though SOL dipped to $125 at the end of February, the CME Solana Futures announcement gave it a little boost to $180. A classic case of “I’m fine, really!” 🙃
SOL on the edge
Since the liquidity squeeze by that TRUMP memecoin in mid-January, the altcoin’s market sentiment has been about as positive as a rainy Monday. ☔️
After the CME Futures update, SOL’s sentiment briefly turned positive but then went back to sulking in the corner. Social volume? More like social silence in Q1 2025. 🤫
As of now, SOL is valued at $127, down 57% from its record high of $295. Not exactly a hot date for short-term traders, especially with all this macro uncertainty. 😬
But hey, long-term investors might find it a diamond in the rough. Or just a rock. Who knows? 💎
In fact, a LookOnChain report noted that a newly minted wallet scooped up $25M SOL from Binance. Way to go, overachiever! 🏆
But overall, investors are playing it safe. Per Coinglass data, SOL has seen nearly $100M outflows this week. Yikes! 😱
Last week, during the unlock period, $319 million was withdrawn from SOL markets. Bearish sentiment? More like bear hug! 🐻
Even though the outflows have slowed down, SOL needs a miracle to reverse those 57% losses. Like, where’s the demand? 🙏
From a price chart perspective, current levels could be a buy if the $120 and crucial 2024 support level are defended. Fingers crossed! 🤞
But if the price reclaims the moving averages, short-term traders might just breathe a sigh of relief. 😅
On the flip side, if it cracks below $120 support, we might as well start planning a funeral for SOL at $100. ⚰️
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2025-03-14 06:20