A cryptocurrency wallet named H4y…gFZ, tied to FTX/Alameda or their associates, has redeemed 177,693 Solana tokens from the Solana Proof-of-Stake (PoS) network. FTX, a major holder of Solana (SOL) coins, reportedly sold off a significant amount during the market crash in November 2022.
The recent movement of $23.75 million worth of Solana coins by the FTX/Alameda-linked wallet to centralized exchanges (CEXs) has sparked discussions within the crypto community. Despite this, the transferred amount is relatively small compared to the total of 7.057 million SOL, valued at $943 million, currently staked by the FTX wallet H4y…gFZ. Previous reports suggest that most of the Solana coins held by FTX may have been sold through over-the-counter (OTC) transactions.
The price of Solana (SOL) remains steady, trading 1.93% higher at $135 with a market cap of $63.57 billion. The SOL price has risen by 35% since the beginning of 2024 and by over 650% on the yearly chart.
The timing of the recent SOL movement by the FTX/Alameda-linked wallet coincides with the upcoming hearing of former Alameda CEO Caroline Ellison on September 24. Reports indicate that she might receive a reduced sentence due to her cooperation and testimony.
Looking ahead to 2024, SOL experienced a strong performance in 2023 and has delivered moderate returns this year. After reaching $209 in March and then entering a downtrend, the SOL price is currently stabilizing around $130, potentially signaling a reversal.
For the SOL price to rally further, it will require a combination of factors including network upgrades, resurgence in meme coins, institutional investments, and potential ETF launches. The meme coin frenzy significantly contributed to SOL’s rally to $200 in March, and broader growth in these areas could potentially drive the price to $1000 by 2025.
The original article on FTX contemplating the disposal of 177,693 Solana coins after a recent staking unlock can be found on CoinGape’s website.