An affiliated cryptocurrency wallet linked to FTX/Alameda, known as H4y…gFZ, has successfully redeemed a total of 177,693 SOL tokens from the Solana Proof-of-Stake (PoS) network. This development has attracted significant attention from the market, particularly in light of FTX’s status as a major holder of SOL coins, which contributed to a price drop after the November 2022 bankruptcy incident.
The community is now speculating whether FTX will transfer all the redeemed SOL to centralized exchanges (CEXs) in the near future, based on data from Solscan. The wallet associated with FTX/Alameda reportedly moved approximately $23.75 million worth of Solana coins from the PoS network, sparking discussions about its future actions.
Despite this recent movement, the total number of SOL tokens held by the FTX wallet H4y…gFZ remains vast, with 7.057 million SOL, valued at $943 million, currently staked. Previous reports have indicated that many of the Solana coins held by FTX may have been sold through over-the-counter (OTC) transactions.
The SOL price has remained stable, currently trading at $135 with a market cap of $63.57 billion. Its price performance has been positive, with a 35% increase since the beginning of 2024 and an impressive 650% rise on the yearly chart.
This activity surrounding SOL coincides with the upcoming hearing for former Alameda CEO Caroline Ellison on September 24. Speculation suggests that her cooperation and testimony could lead to a reduced sentence duration for her.
Looking ahead to 2024, SOL’s price rally may continue, despite experiencing some ups and downs this year. After reaching $209 in March, the price has dipped but currently shows signs of forming a base at $130, hinting at a potential reversal.
For SOL’s price to surge further, various factors such as network enhancements, meme coin resurgence, institutional investments, and potential ETF launches need to align. The Solana meme coin craze was pivotal in its previous rally, and a collective growth across different areas could potentially drive the SOL price to $1000 by 2025.
Source:
FTX Set to Offload 177,693 Solana Coins Following Staking Unlock on CoinGape.