- FTX and Alameda unstaked 3.03M SOL, worth $432.5M, hinting at potential deposits to major exchanges like Binance and Coinbase.
- Despite unlocking over $400M in SOL, strict liquidation limits from a 2023 court ruling may prevent immediate large-scale sell-offs.
- SOL’s price follows a three-drive pattern, showing strong bullish momentum but also signaling potential exhaustion near resistance.
FTX and Alameda Research recently unstaked and distributed 3.03 million Solana (SOL), worth $432.5 million, to 37 wallets. This move suggests potential deposits to Coinbase and Binance. Notably, this is the firms’ largest unstake since November 2023 and part of the 11.2 million SOL set for unlocking in early March. Since November 2023, they have unstaked and offloaded 7.83 million SOL, valued at $986 million, at an average price of $125.8 per token.
Impact of Unstaking on Market Liquidity
The most recent unstaking signals intensified market activity. Following unlocking, FTX and Alameda sent Binance about 25,000 SOL, or about $3.3 million. Their biggest unstaking to date took place in November 2023, when they issued 2.1 million SOL, which was valued at $141 million at the time.
However, although they have released over $400 million of SOL, they won’t liquidate all of it at the same time. In September 2023, the Delaware Bankruptcy Court approved a plan of structured asset sales, which put strict weekly limits on liquidations. The starting limit was $50 million and then increased to $100 million per week. If FTX needs to exceed this limit, it will be required to get approval from the court to boost the limit to $200 million per week.
SOL Price Movement and Three-Drive Pattern
SOL’s price currently follows an ascending channel, forming a three-drive pattern. The first peak recorded a 63% gain, followed by a correction. The second peak surged 100% before a retracement. The third peak, reaching a 110% increase, aligns with the channel’s upper resistance.
Source: Mista Crypto
The price maintains an uptrend, creating higher lows and highs. The lower boundary of the channel serves as support, preventing deeper pullbacks. Key bounce points suggest buyers remain active at support levels. Additionally, each peak shows increasing bullish momentum.
A separate diagram highlights the three-drive pattern, where three peaks emerge before a reversal. The first peak formed in early 2024, followed by a drop. The second peak showed stronger gains, while the third peak in 2025 displayed an even more aggressive rally.
Despite strengthening bullish momentum, the three-drive structure suggests potential exhaustion. If the price breaks above resistance, the uptrend may continue. Conversely, a breakdown below support could signal weakening market strength.
