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Over the past 24 hours, Solana (CRYPTO: SOL) has rallied by a staggering 17%.
This dramatic rise appears fueled by ongoing optimism surrounding the blockchain, although concerns persist about potential sell-offs from FTX (CRYPTO: FTT) and Alameda Research.
What Happened: According to on-chain analytics firm Spot On Chain, FTX and Alameda transferred a significant 13.22 million SOL (approximately $666 million) to exchanges between Oct. 24 and Dec. 14, 2023.
Also Read: Blockchain Cyberbandits Loot Over $2B In 2023: 'Many Hacks Could've Been Prevented'
This raises concerns about potential market dumps, as these tokens could be liquidated.
Additionally, Spot On Chain reported that FTX and Alameda may still hold roughly 2 million SOL ($192 million) readily available for liquidation.
Despite these concerns, investors remain bullish on Solana due to its strong fundamentals and promising roadmap.
Why It Matters: Spot On Chain highlighted that 40.5 million SOL (roughly $3.99 billion) will be unlocked in linear monthly releases, with the majority expected in 2025.
This gradual unlock schedule aims to prevent excessive market volatility.
Analysts point to the price surge since FTX's bankruptcy in November 2022. SOL skyrocketed 550% from $17.66 to $98, potentially generating over $3 billion in gains for FTX creditors.
This recovery indicates strong underlying demand for the token, despite the FTX association.
While the recent upward trend is encouraging, the market remains cautiously optimistic.
The looming shadow of potential FTX and Alameda liquidations casts some doubt on the sustainability of the rally. Nevertheless, Solana's strong fundamentals and gradual unlock schedule offer long-term promise, making it a potentially attractive option for investors with a higher risk tolerance.
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