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. The market is closely monitoring this development, especially given FTX’s significant holdings of SOL coins, which contributed to a price decline post the November 2022 insolvency event.
The question arises: Will FTX transfer all Solana coins to centralized exchanges (CEXs) soon? Solscan data reveals that the FTX/Alameda-affiliated wallet has moved approximately $23.75 million worth of Solana coins from its PoS network today, sparking discussions within the crypto community regarding potential CEX transfers.
However, the recent activity by this wallet represents a small portion of its overall SOL token holdings. The FTX wallet H4y…gFZ currently stakes around 7.057 million SOL, valued at $943 million. Previous reports suggest that many of the Solana coins held by FTX were likely sold via over-the-counter (OTC) transactions.
Despite these movements, the SOL price remains robust, trading at $135 with a market cap of $63.57 billion, exhibiting a 1.93% increase. Yearly comparisons show a 35% increase since the start of 2024 and a remarkable surge of over 650%.
The recent activity involving SOL by the FTX/Alameda-affiliated wallet coincides with former Alameda CEO Caroline Ellison’s upcoming hearing on September 24. Reports indicate that her cooperation and testimony may result in a reduced sentence.
Looking ahead to 2024, after a strong performance in 2023, SOL has delivered modest returns this year. Following a peak at $209 in March, correlated with Bitcoin’s new all-time high, SOL has experienced a downward trend. Currently stabilizing around $130, there is anticipation for a price reversal.
For SOL to resume an upward trajectory, it may require various catalysts such as network upgrades, meme coin resurgence, institutional investments, and potential ETF introductions. The meme coin frenzy significantly contributed to SOL’s surge to $200 in March. A collective growth across these areas could pave the way for a potential rally, aiming at a price point of $1000 by 2025.
Original Source: [FTX Set to Offload 177,693 Solana Coins Following Staking Unlock](https://coingape.com/ftx-ready-to-dump-177693-solana-coins-after-recent-staking-unlock/) on [CoinGape](https://coingape.com/).