FTX Offloads Another $22.9 Million in SOL

FTX unstaked and offloaded another 185,345 Solana (SOL) worth $22.9 million to various addresses, intensifying sell-off concerns. So far in March, SOL has experienced around $400 million in outflows according to Coinglass data.

The bankrupt exchange moved the SOL to 38 wallets for distribution as part of its monthly unloading strategy. FTX still holds 5.5 million SOL valued at $696 million staked. Since November 2023, the firm has offloaded about $1 billion worth of SOL, as noted by Spot On Chain.

On March 4, FTX unstaked and sold over 3 million SOL (approximately $432 million) likely as part of the scheduled unlock of 11.2 million SOL.

Although the market anticipated the unlock, which caused a dip to $125 at the end of February, the announcement of CME Solana Futures at that time propelled the altcoin to $180.

SOL Market Sentiment

Since the liquidity crunch related to the TRUMP memecoin in mid-January, market sentiment around SOL has largely been negative. After the CME Futures update, sentiment briefly improved but quickly reverted to negative. Social volume, which indicates market interest, remained low during Q1 2025.

As of writing, SOL was trading at $127, down 57% from its all-time high of $295. This negative sentiment could deter short-term traders, especially amid ongoing macroeconomic uncertainties. However, for long-term investors, the current levels may represent an undervalued opportunity to buy.

A LookOnChain report indicated that a newly created wallet acquired $25 million in SOL from Binance, exceeding the volume unstaked by FTX. Yet, the prevailing trend among investors seems risk-averse, with nearly $100 million in outflows from SOL this week. In the prior week, during the unlock period, $319 million was withdrawn from SOL markets, further deepening the bearish sentiment.

Even though outflows have subsided, SOL will require a significant demand boost to recover from the 57% losses. From a price chart perspective, current levels may present a good buy opportunity if the $120 support level is firmly maintained. Alternatively, a safer entry for short-term traders would be if the price reclaims its moving averages. Conversely, slipping below the $120 support could push SOL down to $100.