Alameda Research Unstakes $32M in Solana (SOL)– Here’s What to Expect

Alameda

Alameda Research, the once-prominent trading firm now embroiled in FTX’s bankruptcy proceedings, has made headlines again after unstaking approximately $32 million worth of Solana (SOL). The move, tracked through Solscan data, occurred on May 12, when the firm unstaked 187,600 SOL tokens, which remain unmoved as of now.

The address linked to Alameda Research still holds a staggering 5.204 million SOL, valued at around $910 million, which remains locked in staking. This suggests that while the unstaking of $32 million worth of SOL may seem significant, it only represents a fraction of the total holdings.

The big question now is whether this move could impact Solana’s price. Historically, large unstaking events can lead to heightened market anxiety as traders speculate on potential sell-offs. If Alameda decides to liquidate any of the recently unstaked SOL, it could exert downward pressure on Solana’s price in the short term. However, for now, the tokens remain idle, and no additional transfers have been observed.

Also Read: Selloff Warning: Alameda Unstakes $23M SOL, Putting Solana Price at Risk

Meanwhile, Solana has been showing notable resilience despite broader market volatility. Crypto analyst Marty Party recently highlighted a bullish pennant pattern forming on Solana’s daily chart, suggesting a potential breakout toward $212. After a strong recovery from its dip below $120, SOL has climbed to approximately $174, marking a 20% surge in the past week.

If Solana manages to break above the pennant, it could signal further bullish momentum, potentially offsetting any negative sentiment stemming from Alameda’s unstaking activity. For now, all eyes remain on Alameda’s next move and whether the firm will choose to liquidate any portion of its substantial SOL holdings.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.