Solana price went downward due to the general market volatility, and FTX unlocks $430M SOL. Will there be a $100 crash soon?
The price of Solana (SOL) has been volatile since the year began. It first reached a new all-time high before plunging 53% during a broader market correction and is currently having difficulty recovering. Even though there was a notable recovery yesterday, the trend shifted once more, resulting in further risk and decline. The token is approaching another crash as FTX/Alameda unstacks millions of SOL. Will it fall below $100? Let’s talk about this.
FTX Unlocks $430M SOL; What’s Going On With Solana Price Crash?
The entire cryptocurrency market, including the price of Solana, is collapsing today, marking yet another tumultuous day. It has dropped 19% over the past day and is now trading at $128.14. Following the 19% and 24% declines, its market capitalization and trading volume are $70.16B and $9.56B, respectively.
It’s interesting to note that this decline results from imposing tariffs on Canada and Mexico. The most concerning aspect is that this decline followed a remarkable surge in SOL prices, which was stoked by Donald Trump’s announcement of the U.S. Strategic Crypto Reserve.
With the FTX and Alameda unstacking 3.03M SOL, or $431.3M, the SOL price plummeted when investors expected a further uptrend, perhaps as high as $200.
The Effect of the FTX Unstake Event on SOL
The market is seeing millions of token unlocks, which is influencing their price, as the cryptocurrency exchange starts redistributing the money of investors impacted by the FTX crash. 3.03M SOL ($431.3M) was recently unstaked by the company and moved to several cryptocurrency wallets.
The asset has already been liquidated, with 24,799 SOL ($3.38M) deposited to the Binance exchange. More significantly, the market will be frightened by the numerous similar unlocks occurring in April and the following month.
Significant token unlocks frequently affect investor sentiment and result in price swings. Given the current strain on the cryptocurrency market, investors are concerned that Solana might plummet below $100.
