According to a report by Lookonchain, FTX/Almeda is in the process of unstaking $1 billion worth of SOL. In the past three months, the firm has unstaked 530k Solana tokens. FTX/Almeda has further transferred the token to multiple addresses, resulting in an average of 176.7k SOL tokens every month. It still holds 7.06 million tokens. For reference, SOL was exchanging hands at $134.13 at the time this article was written. That is after a decline of 0.55% in the last 24 hours.
FTX/Almeda is not the only player in the market that is moving SOL. Pump.fun has reportedly sold tokens worth almost $41.64 million. The most recent transaction highlights a sale of $1.38 million SOL as of September 3, 2024. That was 10,300 tokens at the time, for an average of around $134.46. Overall, the average selling price is $157.50 per token.
This activity is believed to be causing selling pressure within the ecosystem. Investors are often seen replicating the activities of whales. When whales hint at a sale, investors often follow suit. Thereby, bringing down the price of the token. Traders only follow the pattern on a short-term price trajectory.
The sluggish run of BTC is another factor putting selling pressure on SOL. The flagship cryptocurrency trades within a predetermined range. It is yet to test a new ATH, probably out of fear of recession or the size of rate cuts. In the last three months, Bitcoin tokens have fallen almost 18%. SOL, on the other hand, has fallen by approximately 22% over the same period of time.
A new altcoin is gaining traction—Rollblock. It raised almost $3 million in the presale. It is predicted that there will be a 100% surge by the end of this year, i.e., 2024. Rollblock is in the sixth stage of presale, with a trading value of $0.025. Rollblock is gaining traction because of the kind of concept it has brought to the table. Investors see potential in the community-backed blockchain casino platform.
That is affecting not only SOL but also Tron, which should be experiencing significant surges right now. Instead, TRON has fallen by 2.09% in the last 24 hours to a value of $0.151.
As for SOL, the token is down by 0.55% in the last 24 hours but remains up by 4.37% in the last 7 days. FTX/Almeda unstaking their holdings has attracted the attention of a few community members. They have highlighted that they couldn’t sell until 2025/2026. Therefore, unstaking their holdings would be futile as the token will remain unsellable for the next 1-2 years.
SOL is now projected to rise by 14.62% in the next 30 days. That will bring it to $154.43 in value.