Solana, the high-performance blockchain, finds itself in the spotlight once more as new on-chain data reveals a significant move by Alameda Research. According to Arkham Intelligence, an Alameda staking account has recently unstaked a substantial $35 million worth of SOL tokens, initially locked in late 2020. This development, surfacing four years after the initial lock-up, is sparking considerable discussion across the crypto landscape.
For context, Alameda Research, once a formidable quantitative cryptocurrency trading firm, was the sister company to the now-defunct FTX exchange. Both entities, founded by the controversial figure Sam Bankman-Fried, imploded in late 2022 amidst revelations of widespread fraudulent practices and the misuse of billions in customer funds. This historic collapse sent ripples through the digital asset world, initiating years of legal battles and intricate asset recovery efforts.
The unstaking of such a considerable sum — a stunning 100x increase from its initial value of just $350,000 in 2020 — has naturally ignited speculation among traders and analysts. The immediate question on many minds is whether these funds are earmarked for distribution to FTX creditors, a critical step in the ongoing bankruptcy proceedings. While an unstake doesn’t automatically mean an immediate sale, the sheer size of the transfer suggests an active phase in Alameda’s asset management, potentially influencing short-term market dynamics and overall sentiment for SOL. Alameda Research staking account unstaked $35M of SOL | S
Source: Arkham Intelligence
From a market perspective, Solana’s performance has been somewhat subdued recently. The cryptocurrency has been consolidating below the $200 mark since February, encountering strong resistance at this psychological barrier despite robust network activity. This sideways movement contrasts sharply with Ethereum, which has seen more pronounced price momentum, leading some observers to label the current environment an “Ethereum season.”
However, not all analysts are bearish on Solana’s quiet phase. Many believe that such consolidation often precedes significant breakouts for large-cap altcoins. Historically, SOL has shown a tendency to gain momentum in the wake of Ethereum rallies, catching the broader market’s upward trend once ETH’s surge begins to cool.
On the technical charts, Solana (SOL) is currently trading around $174,64, experiencing a modest downturn in the latest session as its multi-month consolidation persists. Crucially, the 50-week simple moving average (SMA) at $172,30 provides immediate dynamic support, with the 100-week SMA ($144,06) and 200-week SMA ($101,74) positioned well below. This setup generally signals a healthy longer-term uptrend, indicating that buyers maintain control despite recent pullbacks. Nevertheless, trading volumes haven’t reached the peaks observed during previous bullish runs, suggesting a more cautious market tone. A definitive breakthrough above $200 could pave the way for a retest of the $250–$260 zone, while failure to overcome this resistance might extend the consolidation or prompt a retracement toward the 100-week SMA. The crypto world watches keenly to see what the next chapter holds for Solana and the assets recovered from the Alameda Research saga.
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