As the cryptocurrency market experiences a strong bearish sentiment due to the ongoing economic turmoil, the bankrupt crypto exchange FTX continues to impact the market. In its latest move, FTX unstaked 186,300 SOL (worth $21.56 million), raising fears of a potential sell-off.
To make things worse, another 73,700 SOL ($8.59 million) is set to unlock on May 1. With so much supply hitting the market, could this push Solana back down to $110?
FTX Unstakes $21.56 Million in SOL
According to blockchain analytics platform Arkham, FTX/Alameda unstaked 186,300 SOL, worth approximately $21.56 million, from their stake account. This move suggests FTX might sell the SOL, but since it’s still untouched, the market is unsure of their next move.
Despite this recent activity, FTX/Alameda still holds a massive 5.36 million SOL, valued at approximately $619 million, in a staked state. These funds are still locked and will take time to unlock before they can be moved or sold.
Major Solana Token Unlock Incoming
Adding to the market uncertainty, a significant Solana (SOL) token unlock is set to happen on May 1, releasing over 73,700 SOL tokens, worth around $8.59 million according to the Solana Portal.
This upcoming unlock is sparking discussions among investors, as many fear it could lead to increased selling pressure. With Solana currently ranking as the sixth-largest cryptocurrency by market capitalization, any sudden rise in available tokens could impact its price movement.
SOL Price Holds Strong at Key Support
After FTX unstaked a large amount of Solana (SOL), many investors started selling in fear. However, the price of SOL is still holding steady around $116, showing a 1% increase, with a total market value of $60 billion.
Looking at the charts, Solana has been moving in a downward trend since March 2025. But there is a strong support level at $110, which could help the price bounce back.
If buyers step in, SOL could first rise to $127 this week. If it stays strong, it might even reach $145 soon.
On the other hand, if selling pressure increases, SOL could drop back to $110.
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