The post Whale Withdrawal and FTX Unlock Could Spell Trouble for SOL: A Potential Market Decline Ahead? appeared on BitcoinEthereumNews.com.

A significant whale has made a large deposit to the trading platform FalconX, and it’s got the cryptocurrency community talking. Unstaking and depositing 1.37 million SOL—an impressive asking price of $198 million—went down just five hours ago. And this whale? Well, it’s Solana’s very own. These not-so-little movements of Solana’s top stakeholders are making us and a number of other concerned parties wonder: What’s next for Solana ($SOL)? This whale’s transaction is especially remarkable because the deposit address, “5KWid,” has been dormant for over a year. After such a protracted dormancy, a large deposit happened quite suddenly, and this has many people wondering if the whale is about to sell a sizable chunk of its SOL. The whale in question still has another stake account, “2WWb1,” that holds 40,376 SOL (approximately $5.73 million). But the deposit into FalconX was so large that it relatively seems to be a sell-side move for the market. Potential Market Impact and the FTX Unlock Event This whale’s act adds to the anxiety around Solana’s price performance. Over the past 30 days, SOL’s price has taken a significant dive, plummeting by 39.25%, from $234 to $142. This sharp slump is creating considerable unease among investors, who are now intently watching to see if the decrease continues or if a recovery is just around the corner. And with this most recent whale transaction, there are a lot of concerned folks out there who are now pondering the not-so-pleasant possibility of Solana having yet another slump on the way. Compounding the strain on the price of Solana is the upcoming unlocking of 11.2 million SOL, worth approximately $1.6 billion, by the FTX bankruptcy estate on March 1, 2025. Releasing such a sizeable chunk of Solana into the market could exacerbate the price declines we have seen recently.…

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Filed under: News - @ February 27, 2025 8:26 am