Solana Wallet Withdraws Over 177,693 SOL Tokens Worth $23M Amid Market Turbulence
In a recent development, it has been reported that a transaction worth 177,693 Solana tokens has been withdrawn from the Solana Proof-of-Stake (PoS) network, through the cryptocurrency wallet H4y…gFZ,., linked to FTX/Alameda, a major holder of Solana (SOL) coins, they had previously sold off a significant amount during the crash in November 2022.
Overview of the Transaction
Following Solscan data, the FTX/Alameda-associated wallet transferred $23.75 million worth of Solana coins from its Proof-of-Stake (PoS) network today, sparking discussions in the crypto community about the potential transfer of the redeemed SOL to centralized exchanges (CEX) in the near future.
However, the recent movement only represents a fraction of the total SOL tokens held by the FTX wallet H4y…gFZ, which currently has up to 7.057 million SOL staked, valued at $943 million. Earlier reports also indicated that most of the Solana coins held by FTX were likely sold through over-the-counter (OTC) transactions.
Despite these movements, the Solana (SOL) price remains strong and is currently trading 1.93% higher at $135, with a market cap of $63.57 billion. SOL price has surged 35% since the beginning of 2024 and over 650% on the yearly chart.
The recent movements of SOL by FTX/Alameda-affiliated wallet coincide with the upcoming hearing for former Alameda CEO Caroline Ellison on September 24. Speculations suggest that due to her cooperation and testimony, she might receive some concessions in her sentence period.
Can SOL Still Go Bullish in 2024?
Following a strong performance in 2023, SOL has delivered more moderate returns in 2024. After reaching $209 in March and subsequently following a downward trajectory, the SOL price is currently consolidating around $130 and may be poised for a reversal.
To propel the price upwards, SOL requires a combination of catalysts such as network upgrades, resurgence in meme coins, institutional investments, and potential ETF launches. The Solana meme coin mania played a significant role in the rally to $200 in March. However, a collective growth across various areas could potentially drive the SOL price to $1000 in 2025.
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