A recent development in the cryptocurrency world involves a cryptocurrency wallet linked to FTX/Alameda, identified as H4y…gFZ, which has redeemed a substantial amount of 177,693 SOL tokens from the Solana Proof-of-Stake (PoS) network. The news of this redemption has attracted significant attention from the market, especially given FTX’s notable position as one of the leading holders of SOL coins. This move by FTX followed a price crash that occurred after the bankruptcy in November 2022.
The community is now speculating on whether FTX will transfer all the redeemed SOL tokens to centralized exchanges (CEXs) in the near future, as suggested by data from Solscan. Despite the recent movement of $23.75 million worth of Solana coins from the PoS network by the FTX/Alameda-affiliated wallet, it is important to note that this is a relatively small portion of the total SOL tokens held. The FTX wallet H4y…gFZ still has a considerable stake of 7.057 million SOL, valued at $943 million, with previous reports indicating that a significant portion of the SOL coins may have already been sold through over-the-counter (OTC) transactions.
Despite these developments, the SOL price has maintained its strength, currently trading at $135 with a market cap of $63.57 billion. The price of SOL has shown positive growth, up by 35% since the beginning of 2024 and over 650% on the yearly chart.
This movement of SOL by the FTX/Alameda-affiliated wallet coincides with the upcoming hearing of former Alameda CEO Caroline Ellison on September 24, where reports suggest that her cooperation and testimony may lead to a reduced sentence.
Looking ahead, the question arises whether the SOL price rally will continue in 2024. After experiencing a run-up in 2023, SOL has seen more subdued returns this year. However, with the price currently forming a base around $130, there are expectations of a potential reversal. To drive the price higher, SOL would require a combination of factors such as network upgrades, resurgence in meme coins, institutional investments, and potential ETF launches. The post FTX Set to Offload 177,693 Solana Coins Following Staking Unlock was published on CoinGape.