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Key Takeaways
- Solana broke out of multiple bullish patterns, suggesting a potential rally toward $184.
- $31M worth of SOL was unstaked, possibly weighing down the price short-term.
- Trading volume surged 55%, and long positions dominate — pointing to strong market confidence.
Solana (SOL) has enjoyed a strong upward trend with three consecutive green candles, signaling a potential breakout. However, the positive momentum is facing fresh scrutiny after Lookonchain revealed that defunct entities FTX and Alameda Research recently unstaked nearly $31 million worth of SOL — raising fears of a possible sell-off.
FTX and Alameda Unstake Raises Caution Flags
On 11 July, blockchain analytics platform Lookonchain reported that FTX and Alameda unstaked 189,851 SOL tokens, valued at approximately $30.94 million. This triggered speculation about a potential sell-off that could curb SOL’s upward trajectory.
FTX/Alameda unstaked 189,851 $SOL($30.94M) an hour ago.https://t.co/dT34eyurd8 pic.twitter.com/5SLLvJcUZS
— Lookonchain (@lookonchain) July 11, 2025
Previously, similar large-scale unstaking by these entities was linked to the repayment of over $1 billion to affected users. While this time the unstaked amount is relatively smaller, it may still have had a dampening effect. SOL’s price dropped slightly from $166 to $163 — a modest dip, but enough to make traders take note.
Bullish Technical Breakouts Point to Upside Potential
Despite this, Solana’s chart structure remains bullish. According to AMBCrypto’s technical analysis, SOL has broken out of multiple bullish patterns in recent days:
- A descending channel
- A consolidation zone
- An inverted head and shoulders pattern
- The 200-day EMA
These breakouts, combined with a 12% rally, suggest strong upside momentum. If SOL continues to hold above the neckline of the inverted head and shoulders pattern, it could target the $184 level — a potential 15% increase from its current price range.
Trading Volume and RSI Support Further Growth
SOL’s trading volume has surged by 55% in the past 24 hours, reflecting rising interest from traders and investors. Meanwhile, the Relative Strength Index (RSI) stands at 63 — below the overbought zone — indicating room for further price appreciation.
The data hints at strong bullish sentiment, although overbought conditions could emerge if the rally continues unchecked.
Market data from Coinglass shows that traders are heavily invested in long positions, especially between the $161.4 and $167.4 price levels. Currently, $182.72 million is locked in longs compared to $80 million in shorts — a clear sign of bullish dominance.
If momentum continues, SOL may not only hold current levels but also surge toward $180 and beyond. However, excessive leverage could also lead to sharp liquidations in case of a price dip.
Also Read: Solana Price Wobbles as FTX Unstakes 190,000 SOL During Bullish Crypto Surge
Solana is showing undeniable bullish strength backed by technical breakouts and increased market activity. However, the FTX and Alameda unstaking introduces an element of caution. Whether the rally sustains or sees a short-term correction will depend on broader market sentiment and whether SOL can hold key support levels.
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.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
