Solana’s price has recently dropped below the $125 support level, causing concern among investors and market watchers. The drop comes amid large transactions involving wallets linked to FTX and Alameda Research.
These moves are believed to be related to the ongoing liquidation of assets for creditor repayments. The timing of these transactions has led to increased bearish sentiment around Solana, adding to its recent price struggles.
FTX and Alameda Research Transactions Contribute to Price Decline
On March 13, Solana price saw a sharp price pullback, falling by 5% on the day. This decline occurred after a major transfer of Solana tokens from Alameda Research. According to Arkham Intelligence, Alameda unstaked over $23 million worth of SOL, distributing the funds across 38 different addresses. This action followed earlier signs of a sell-off from FTX-linked wallets, fueling concerns about future pressure on the asset’s price.
ARKHAM ALERT: ALAMEDA ADDRESS JUST UNSTAKED $23M SOL T
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