- FTX offloaded another 185,345 SOL ($22.9M) as part of its ongoing sell-off, with 5.5M SOL ($696M) still staked, adding concerns over market pressure.
- SOL sentiment remains weak, with price down 57% from its all-time high ($295) and $100M in outflows this week, despite some large investors buying the dip.
- Key support at $120 must hold to avoid a drop to $100, while a bullish recovery could come if SOL reclaims moving averages and demand increases.
Another 185,345 Solana (SOL)—worth approximately $22.9 million—has been offloaded by FTX/Alameda, fueling renewed concerns about further sell pressure in the market.
FTX’s Monthly Sell-Off Continues
According to Spot On Chain, the now-defunct exchange moved the SOL to 38 wallets as part of its ongoing monthly liquidation. Despite this, FTX still holds 5.5 million staked SOL, valued at around $696 million. Since November 2023, the firm has already dumped close to $1 billion worth of SOL onto the market.
On March 4, FTX unstaked and liquidated over 3 million SOL ($432M)—part of its scheduled 11.2 million SOL unlock. This sell pressure had been anticipated, with SOL dipping to $125 at the end of February before rebounding to $180, thanks to the CME Solana Futures announcement.
Solana Struggles with Sentiment Shift
Ever since TRUMP memecoin’s liquidity squeeze in mid-January, Solana’s market sentiment has been shaky. While the CME Futures news briefly boosted morale, sentiment quickly turned negative again, with social volume (market interest) remaining low throughout Q1 2025.
At the time of writing, SOL is valued at $127, a 57% drop from its all-time high of $295. The combination of negative sentiment and macroeconomic uncertainty is making it less appealing for short-term traders. However, for long-term investors, these lower prices could be an opportunity.
Big Players Buying the Dip?
Despite FTX’s continued SOL offloading, not everyone is selling. A LookOnChain report revealed that a recently created wallet purchased $25M worth of SOL from Binance—an amount far larger than FTX’s latest unstaked sell-off.
That said, overall investor sentiment remains cautious. According to Coinglass data, SOL has seen nearly $100 million in outflows this week alone. During last week’s unlock period, the outflows were even higher, reaching $319 million, reinforcing the bearish outlook.
Although the outflows have slowed, SOL will need a massive surge in demand to recover from its 57% decline.
Key Levels to Watch
From a technical perspective, SOL’s current levels could present a buying opportunity—but only if the $120 support level holds. This price level is seen as crucial support for 2024.
For short-term traders, a safer entry point would be if SOL reclaims its moving averages, confirming bullish momentum. However, if SOL falls below $120, the next likely target would be $100—a scenario that could attract more selling pressure before any meaningful recovery.
For now, all eyes are on whether Solana can hold above key support levels or if more downside is ahead.
