Will Solana (SOL) Soar to $184 After FTX, Alameda Unstake $31M? 🚀💰

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Key Takeaways

  • Defunct firms FTX and Alameda unstaked 189,851 SOL worth $30.94 million, triggering fears of a potential sell-off. And yet, Coinglass data revealed that bulls may be in control now, with $182.72 million in long positions and $80 million in shorts.

Amidst the ever-shifting tides of the crypto world, Solana (SOL) has found itself in a peculiar position. With three consecutive green candles, the coin has turned bullish on the price charts, suggesting a potential for a massive upside rally. However, a recent report from the blockchain-based transaction tracker Lookonchain has cast a shadow of doubt over this optimistic outlook. 🌤️

FTX, Alameda Unstake $31M of SOL

On 11 July, Lookonchain shared a post on X (formerly Twitter), revealing that the defunct crypto exchange FTX and the bankrupt trading firm Alameda had unstaked 189,851 SOL worth $30.94 million. The last time they unstaked SOL, it was to repay $1.2 billion to former users who lost their funds during the collapse. A substantial unstaking might often be a red flag for SOL holders, especially since it has the potential to slow down the asset’s upside or even cause a price drop. However, in this case, the amount is not that large, so the likelihood of a significant impact on SOL’s price is relatively low. 🤷‍♂️

Despite this, the impact of the unstaking has started to show on SOL’s price, which appeared to be struggling to maintain its upward momentum at press time. At the time of writing, SOL was trading near $163, with 24-hour gains of over 3.5%. However, the surge was previously around 5.5%, with the price hovering above $166. It can be argued that FTX and Alameda might be responsible for this modest price drop. 📉

That’s not all, though. During the same period, investors and traders have expressed strong interest in the crypto, leading to a 55% jump in the trading volume. 📈

Solana (SOL) Technical Analysis and Key Levels

According to AMBCrypto’s technical analysis, SOL seemed bullish at press time, having recently broken out of multiple bullish patterns. On the daily timeframe, the asset first broke out of a prolonged descending channel pattern, followed by a consolidation zone. Most recently, with a 12% price rally, SOL also broke out of a bullish inverted head and shoulders pattern, as well as the 200-day Exponential Moving Average (EMA).

These multiple bullish breakouts could be a sign of Solana’s strong upside potential. Based on its recent price action and historical patterns, if SOL holds above the neckline of the head and shoulders pattern, there may be a strong possibility that the asset could hike by 15% and hit the $184-level. On the other hand, there is also the possibility of a price correction due to the continuous upside momentum over the past four days. 🔄

At press time, Solana’s Relative Strength Index (RSI) stood at 63, still trading below the overbought territory—a sign that the asset may have enough room to continue its northbound trajectory. 🚀

Traders’ Eyes Are on Long Positions

Given the prevailing market sentiment, it would seem that traders are strongly betting on the bullish side. According to Coinglass, for instance, traders appeared to be over-leveraged at $161.4 on the lower side (where they have been heavily betting) and at $167.4 on the upper side.

At these levels, traders have built $182.72 million worth of long positions and $80 million worth of short positions. This can be interpreted to allude to bulls’ dominance, with the same likely to push SOL’s price to higher levels too. 📊

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2025-07-12 05:24