A $35 million SOL unstaking move from a FTX and Alameda coincides with Solana’s breakout from a multi-year bullish pattern.
A wallet tied to the collapsed exchange FTX and its trading arm, Alameda Research, has unstaked 190,821 Solana SOL $122.7 24h volatility: 0.1% Market cap: $68.97 B Vol. 24h: $3.40 B tokens. The transaction was valued at around $35.52 million at the time of the move.
This move comes as FTX continues its bankruptcy process, aiming to liquidate assets and return funds to creditors. The release of such a large amount of SOL has led to speculation about its next destination.
Some analysts suggest that tokens could be sent to BitGo Custody for centralized management under a structured liquidation strategy. Others are predicting they could be distributed directly to creditors as part of repayment efforts.
Despite this move, FTX and Alameda still hold over 4.34 million SOL, worth an estimated $797.25 million, locked in staking positions.
3 hours ago, #FTX/#Alameda unstaked 190,821 $SOL worth $35.43M.
They still have 4,344,676 $SOL worth $797.25M in staking.https://t.co/J12fFBaCXV pic.twitter.com/5ujfR6Uh57
— Onchain Lens (@OnchainLens) August 11, 2025
Solana’s Technical Breakout
The timing of the unstaking is notable, as it comes just as Solana breaks out of a multi-year “cup & handle” pattern that has been forming since late 2021. At the time of writing, SOL is trading at around $184, gaining more than 12% over the past week.
If the bullish pattern holds, popular analyst Ali Martinez projects a potential rally toward $1,315, over six times the current price.
Solana $SOL targets $1,315 after breaking out of a textbook cup & handle pattern! pic.twitter.com/MmOcoNPwK2
— Ali (@ali_charts) August 9, 2025
Solana is also making progress on network upgrades. A recent proposal, Solana Improvement Document 0286 (SIMD-0286), aims to increase the blockchain’s transaction and smart contract capacity.
The network already expanded its block capacity by 20% last month, with further upgrades expected before the end of the year.
Solana’s efficiency and scalability have turned it into a popular choice for a range of projects, from serious DeFi protocols to top meme coins.
SOL Price Above $200?
The daily SOL price chart shows the RSI indicating moderate bullish momentum without reaching overbought levels.
SOL price chart with RSI and Bollinger Bands | Source: Trading View
Bollinger Bands show price trading near the upper band, reflecting potential upward pressure.
A bullish scenario would see SOL breaking above immediate resistance at $195, potentially targeting the $200-$210 zone.
However, a rejection near the upper band could lead to a pullback toward the mid-band (20-day SMA) around $176, with further support at $158.
SOL remains 37% below its all-time high of $294, achieved in January, but optimism is building among traders who see many catalysts aligning.
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