FTX-Linked Wallet Unstakes $23 Million in SOL, Potentially Pressuring Solana's Price

A crypto wallet linked to the defunct FTX exchange and Alameda Research unstaked nearly $23 million worth of SOL tokens from Solana staking, raising concerns about a potential market crash. According to Arkham, an on-chain analytics platform, the tokens were distributed to 37 wallets holding a total of $178.82 million in SOL, two days ago. This event follows a previous unstaking of nearly $1 billion in SOL tokens earlier in March, which led to a price drop from nearly $180 to $130 within hours. Adding to the bearish sentiment, crypto analyst Ali Martinez noted yesterday that the Futures Open Interest for Solana has fallen to $2.65 billion, a level not seen since November 2024. Meanwhile, Solaxy (SOLX), the first Layer-2 project for Solana, has raised over $26 million in its presale, aiming to address network congestion issues.