Alameda Research recently unstaked $23 million worth of Solana tokens, distributing them to 38 addresses linked to the FTX exchange. Despite this large transaction, Solana's price remained unchanged.
Recent Developments with Alameda Research
The recent unlock is another chapter in Alameda Research’s handling of Solana assets post-FTX collapse. Over the past months, Alameda has transferred large amounts of SOL, with the latest move bringing more assets to exchanges. Since November 2023, FTX and Alameda have moved over 7.8 million SOL, worth approximately $1 billion, to exchanges including Coinbase and Binance.
Why Didn't Solana's Price Change?
Unlike previous large asset transfers, Solana's price showed little movement post-unlock. The bearish sentiment affecting the crypto market plays a major role in this. Uncertainty over Solana is increased by delays in Solana ETF applications by the SEC and the ongoing state of market fear.
General Overview of Solana's Market
Solana’s price faces continued pressure, trading at a six-month low around $124. On-chain data shows Solana is nearing a technical point: the 50-day simple moving average is below the 200-day SMA. This death cross could indicate further declines.
While Alameda continues releasing Solana tokens, significant shifts in market supply-demand are not observed. However, a potential death cross could signal further price drops.
