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The altcoin market could be in for another decline in price action as Alameda Research, the now-defunct trading firm linked to the collapse of FTX, appears to be positioning for potential sell-offs in major tokens.
Alameda Research is making moves for a second time in less than a month. The firm recently hinted at a possible sell-off in Ethereum [ETH] and Solana [SOL]. Historically, its distribution events have been associated with large sell-offs in related assets.
According to Arkham data, Alameda unstaked more than 1,695 ETH, worth more than $3.56 million. Three weeks earlier, it sold more than $17 million of SOL tokens.
Despite these actions, Alameda still holds about $300 million worth of SOL, $35 million worth of Bitcoin, and $20 million worth of USDT. That remaining exposure suggests potential ongoing selling pressure on ETH and SOL as liquidation-related activity continues.
Beyond Alameda Research, other institutions and traders are also taking positions that could add pressure to large-cap altcoins. For example, a trader linked to Fasanara Capital sold $45 million worth of ETH.
Selling pressure is also described as rising alongside long liquidations, particularly on big-cap altcoins.
At the time of reporting, Ethereum was showing strength. On the 4-hour chart, ETH was trading around a resistance zone that has held price since February.
The MACD was bullish at press time, but large transaction volume was declining. Large Transaction Volume fell by 3x, from $17.5 billion to $5.67 billion, indicating weaker buying activity in a zone that has previously preceded bearish reversals.
A break above the resistance zone would invalidate the bearish signals tied to Alameda’s move, at least in the near term.
Solana was trading in a sideways market and had lost much of its correlation with Ethereum. The correlation coefficient dropped from 1 to 0.59.
The article notes that SOL may fall toward support at $76 after trading near the lower end of its range. It attributes part of the weakness to reduced network activity, with active addresses declining from 7 million to 4.69 million over two months.
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