- Unstaked SOL remains idle; sell-off fears linger, but no transfers confirm immediate pressure on Solana’s price.
- FTX-linked wallets hold $910M in staked SOL; bankruptcy oversight may delay sales, balancing sell risks with technical optimism.
Alameda Research, the trading firm linked to FTX’s bankruptcy, unstaked 187,600 Solana (SOL) tokens on May 12. The move, tracked via Solscan, represents approximately $32.79 million at current prices. The unstaked SOL remains in the same address, with no further transfers reported. This action has drawn attention due to Alameda’s history of large-scale asset movements during FTX’s collapse.
The firm still holds 5.204 million SOL, valued near $910 million, locked in staking. While the recent unstaking represents a fraction of its total holdings, market observers are monitoring whether the tokens could be liquidated. Such a move might pressure Solana’s price, though no sales have occurred yet.
Unstaking Triggers Caution, But Holdings Remain Largely Intact
Staking allows holders to earn rewards by locking tokens to support blockchain operations. Unstaking typically precedes selling, but Alameda’s idle tokens suggest other motives—such as restructuring assets under court oversight. Legal experts note that FTX’s bankruptcy estate has been methodically managing holdings to repay creditors, often coordinating sales to minimize market disruption.
Solana’s price has risen 20% in the past week, trading near $174 at press time. This uptick contrasts with broader market declines, raising questions about whether Alameda’s activity could stall the rally. ETHNews analysts emphasize that price impact depends on how quickly the unstaked tokens enter exchanges.
Technical Analysis Points to Potential Breakout
Crypto analyst Marty Party identified a bullish pennant pattern on Solana’s daily chart. This technical formation often precedes upward breakouts. The pattern suggests a possible climb toward $212, a level that previously acted as resistance. Solana rebounded sharply after dipping below $120 in late April, stabilizing near $170 this week.
#Solana Daily TA May 11th – Target remains $212 pic.twitter.com/bEQHJ9ELfB
— MartyParty (@martypartymusic) May 12, 2025
The pennant’s convergence aligns with rising trading volumes, a sign of growing buyer interest. If Solana holds above $170, breaking the pattern’s upper boundary could signal further gains. However, resistance near $180 remains a short-term hurdle.
Alameda’s unstaking introduces uncertainty, but Solana’s technical strength offers a counterbalance. The network’s recent performance—including faster transaction speeds and lower fees compared to rivals—has bolstered its position. Developers continue to expand its use cases, from decentralized finance to consumer apps, which may support long-term demand.
Solana (SOL) – Price & Technical Analysis – May 2025
Solana is currently trading at $172.10, posting a modest -0.65% daily decline, while maintaining a strong +19.44% weekly gain and +41.69% performance over the last month. Despite this rally, Solana remains down -8.93% year-to-date and -18.85% over the past six months, signaling that while bullish momentum is returning, it is still emerging from a mid-term correction.
Technically, SOL is trading inside a rising channel, and price action is now testing a critical resistance zone near $176, which aligns with the 61.8% Fibonacci retracement from its recent decline.
If Solana breaks and closes above this level, a bullish continuation toward $188–$200 is likely.
Short-term support is found at $165–$160, which should hold for the uptrend to remain intact. The oscillators are approaching overbought levels, suggesting a brief consolidation may occur before the next breakout.
Fundamentally, Solana’s ecosystem continues to expand rapidly:
- ChainGPT’s integration into Solana (May 12–25) will introduce AI trading tools and cross-chain functionality, which could boost user activity and on-chain volume.
- Exponential’s launch of “YO”, a DeFi platform optimizing yield across Solana, reflects deepening DeFi innovation and institutional interest.
- Solana remains one of the fastest Layer 1 blockchains, and recent developer activity ranks it among the top 3 most actively maintained networks.
If SOL breaks $176 with conviction, it is projected to reach $189.00–$195.00 within 5–7 days, driven by ecosystem catalysts, bullish market structure, and increasing institutional traction.
