FTX Dumps $21.56M in Solana Amid Market Turmoil – Should You Be Worried?

April 11, 2025 – Remember the FTX collapse? Yeah, it’s still making waves. The latest twist? FTX just unstaked a hefty 186,300 Solana (SOL) tokens — that’s about $21.56 million worth. Naturally, this move has spooked investors, who are now bracing themselves for what could be a major sell-off. And let’s be honest, in a market already teetering on shaky legs, the last thing we need is more downward pressure.

But wait — it gets more intense. On May 1st, another 73,700 SOL tokens (worth around $8.59 million) are set to be unlocked. That’s straight from Solana’s own data. You can imagine the crypto chatter right now: folks are debating whether this fresh batch of tokens will flood the market and drag prices down even more. And with Solana sitting comfortably in the top 10 by market cap, any change in its supply dynamics is a pretty big deal.

Now, here’s the twist — despite all this looming uncertainty, Solana’s price is actually holding up. Sitting near $116, SOL has nudged up by about 1%. That might not sound like much, but given the chaos, it’s impressive. The key support level? Around $110. If that line holds, we might see SOL claw its way up to $127, and maybe even stretch to $145 if buyer confidence kicks in. But — and it’s a big but — if things turn south and SOL slips below $110, don’t be shocked if prices start backpedaling fast.

And here’s the elephant in the room: FTX still has a huge stash of SOL — about 5.36 million tokens, valued at a whopping $619 million. Blockchain sleuths at Arkham confirm that these are currently staked and locked up, but that won’t be the case forever. As these tokens gradually unlock, the market’s left wondering — will they hit exchanges like a tidal wave, or just sit in limbo? Either way, it keeps everyone guessing.

So yeah, buckle up. The next few weeks could be a wild ride for Solana holders.