Solana Aims for 33% Price Surge After $24M FTX Unstake

• As of the current reporting, SOL shows a bullish trend, potentially breaking out from a significant resistance level.
• Should SOL close a daily candle above $138.2, it may see a price increase exceeding 33% towards the $185 target.

In the prevailing bearish market atmosphere, major cryptocurrencies seem to be recovering after a considerable price dip in recent days.

On September 12th, a wallet associated with the bankrupt FTX/Alameda network, identified as “H4yiPh,” unstaked a notable 177,693 Solana [SOL] coins, valued at $23.75 million.

FTX/Alameda wallet unstaking SOL

According to Lookonchain, these considerable tokens have been withdrawn from Solana’s Proof of Stake (PoS) mechanism, raising the possibility that they could be transferred to centralized exchanges in the future.

The crypto community frequently perceives the act of unstaking as a bearish signal.

Typically, investors or institutions choose to unstake their tokens when they anticipate a price drop or are preparing to liquidate their holdings. This generates substantial selling pressure, leading to notable price declines.

Current price dynamics

At the time of reporting, Solana’s price has not been adversely affected by the recent unstaking. Currently, SOL is trading at $134.75, reflecting a price increase of over 2.15% within the last 24 hours.

Trading volume surged by 10% during this timeframe, indicating increased trader participation, despite the prevailing market uncertainties.

Looking ahead, SOL appears bullish on the price charts, even while trading below the 200 Exponential Moving Average (EMA) on the daily timeframe.

Furthermore, the token is on the brink of breaking through the crucial resistance level at $138.2. If SOL surpasses this level and closes a daily candle above it, the token could see a substantial price increase of over 33% towards the $185 mark.

Source: TradingView

However, if the FTX/Alameda-associated wallet transfers those substantial tokens to centralized exchanges (CEXes), the bullish outlook may not remain intact on SOL’s daily chart.

SOL’s favorable on-chain metrics

Solana’s optimistic forecast is further substantiated by on-chain statistics. Notably, Coinglass’s Long/short ratio stood at 1.07 at the time of reporting, marking the highest level since early August 2024.

Additionally, 51.7% of prominent traders maintained long positions, whereas 48.3% opted for short positions.

Source: Coinglass

In addition, SOL’s Futures Open Interest rose by 4%, indicating that traders are feeling bullish and potentially accumulating larger long positions.

Currently, significant liquidation thresholds are identified at the $133.5 level on the downside and the $136.95 level on the upside, as traders are highly leveraged at these specific points according to Coinglass data.

Source: Coinglass

Read Solana’s [SOL] Price Prediction 2024–2025

If bullish market sentiment persists and SOL’s price rises to the $136.95 level, approximately $22.03 million in short positions could face liquidation.

Alternatively, if sentiment shifts and the price falls to the $133.5 level, around $31.23 million worth of long positions may be liquidated.