Solana Latest Update: Amidst the market healing, a crypto wallet connected to insolvent FTX/Alameda withdrew a substantial 177,693 SOL, worth $23.75 million from Solana PoS, according to SolScan. Traders and financiers needto keep an eye on this significant fund, as its motion to centralized exchanges (CEXs) might possibly produce noteworthy selling pressure.
FTX-Linked Wallet Raises Concern of Selling Pressure
As of now, Solana traders and financiers are curious about the possible factor behind the unstaking. Once the tokens are unstaked, they might possibly relocation to the CEXs, SOL reserve on the exchanges boosts resulting in considerable selling pressure and unfavorable rate effect.
Besides this considerable token withdrawal from staking, the wallet presently holds a huge 7.057 million SOL, worth $943 million, in Solana PoS Staking.
Current Price Momentum
At press time, SOL is trading near $135 and has skilled a rate rise of over 2.85% in the last 24 hours. Additionally, this significant fund withdrawal didn’t effect the SOL rate. Meanwhile, its trading volume has dropped by 30% throughout the verysame duration, suggesting lower involvement from traders, possibly due to the current deal by the FTX-linked wallet.
Solana Technical Analysis and Upcoming Levels
According to professional technical analysis, SOL is presently dealingwith a strong resistance level of $138, which it has hadahardtime with for the past 2 weeks. Additionally, it is t