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- FTX and Alameda Research have recently unstaked $45 million worth of Solana (SOL) as it continues to repay former customers.
- An analyst has spotted the formation of a cup and handle pattern as he predicts that SOL could hit $1,300.
Solana (SOL) investors watch with sharp eyes as FTX and Alameda Research begin to redeem huge assets from staking to repay customers.
As detailed in our recent news coverage, a renowned analytics provider, EmberCN, earlier disclosed that the infamous exchange has decided to use the 10th of each month to withdraw a fixed amount of SOL. Just recently, 192,000 $SOL ($43.56 million) was redeemed from staking.
In that report, it was hinted that most of the addresses that received the asset would transfer them to either Coinbase or Binance for liquidation.
Potential Impact on Solana (SOL) Price and Rising Institutional Interest
The question of whether this could significantly impact the SOL price has also been “floating” around various forums. However, the asset has shown resilience so far, printing gains in four out of five major trading sessions.
According to our data, the price of SOL is currently trading at $240, and has surged by 16% in the last seven days, 29% in the last 30 days, and 57% in the last three months. On its daily price chart, SOL has recorded a 2.5% decline, with its 24-hour trading volume falling by 1.57%.
FTX and Alameda Research have already redeemed 8.98 million SOL ($1.202 billion) since November 2023 at an average price of $134. Fascinatingly, a total of 4.184 million SOL ($960 million) remains staked. According to our recent update, the team is preparing to distribute its next round of repayment to creditors on September 30. $6.2 billion has so far been distributed in two separate periods.
In February 2025, $1.2 billion was distributed, and another $5 billion was distributed in May, as also mentioned in our previous news brief.
In the midst of these, institutional investors are aggressively accumulating with Galaxy Digital adding 325,000 SOL ($78 million) to its portfolio on September 13. Another report also suggests a growing whale demand, with two investors transferring 376,076 SOL from Binance to Kamino. Basically, withdrawals from centralized exchanges to DeFi protocols like Kamino show a clear intention of holding the asset for yield instead of short-term gains.
On technical grounds, analyst Ali Martinez has also predicted that SOL could hit $1,300 this cycle. Martinez’s prediction was based on the formation of a cup and handle pattern. According to another analyst known as Crypto Curb, SOL could likely hit $2,000 this cycle, but would first have to make a decisive move above the $1000 level, as indicated in our earlier discussion.
The price of SOL has also been predicted to massively react to the recent report that SOL Strategies has officially commenced trading of common shares on the Nasdaq Global Select Market (Nasdaq). As explained in our recent publication, SOL Strategies provides infrastructure for the Solana blockchain ecosystem and is planning to raise $500 million to accumulate the asset.
