FTX Unstake 192K SOL To Pay Back Creditor Dem, Spark 8% Rally
FTX don dey unstake SOL assets again, dem don redeem 192,000 SOL (~$45M) dis month to support di creditor repayment. Since November 2023, di FTX estate and Alameda don liquidate almost 9M SOL, wit 4.18M SOL still dey staked under four-year vesting schedule. This new FTX move to unstake SOL spread tokens across many addresses before dem send am go exchanges like Coinbase and Binance. After di announcement, SOL rally 8% reach $238, pass BNB to become di fifth largest cryptocurrency by market cap. Traders suppose dey watch di ongoing Solana unstaking and asset liquidations to sabi how e go affect SOL liquidity and price trends, ahead di next payout round on September 30.
Bullish
Di redemption of 192K SOL and di 8% price rally dey show say SOL get bullish momentum for short term, because demand pass di newly released supply. But di ongoing vesting of 4.18M SOL and di upcoming monthly liquidations fit bring selling pressure wey fit stop di gains for long run. Traders suppose balance di immediate price boost with future supply wey come from FTX ongoing unstaking schedule and creditor repayments when dem dey plan their positions.