Sell pressure incoming: can Solana absorb FTX/Alameda’s latest move?

A new operational development tied to FTX and Alameda Research has added pressure to Solana’s market at a time when the token is struggling to hold a bullish structure. Entities linked to the firms confirmed they had unstaked a multi-million dollar amount, injecting additional liquidity into the market.

At the time of writing, Solana was trading near $86 after a cumulative decline of 41% over the last three months. The latest activity also included FTX/Alameda withdrawing 198,426 SOL tokens, valued at $16.21 million, following a month of inactivity.

Cause: Unstaking and token withdrawals

The unstaking confirmation points to a potential increase in available supply. In parallel, the withdrawal of 198,426 SOL (worth $16.21 million) underscores continued operational movement from FTX/Alameda.

Development: Spot net flow and technical weakness

Despite the added sell-side liquidity, the spot market data suggests buyers are actively absorbing declines. Spot Netflow recorded a drastic decline of 22,251%, landing at -$8.9 million, indicating latent selling pressure that appears to be absorbed rather than driving an immediate breakdown.

Technically, the market remains in a bearish structure. The modified DMI indicator has stayed negative since late March, currently at -3.1, a configuration that signals potential for further downside in the short term.

Key data points

• FTX/Alameda withdrew: 198,426 SOL (valued at $16.21 million)
• Solana price level: near $86
• Three-month cumulative drop: 41%
• Spot Netflow: -$8.9 million (down 22,251%)
• Modified DMI: -3.1
• Direct staking on the network: over 364 million SOL
• Spot outflow vs inflow: $141.3 million outflow vs $132.3 million inflow

Impact: Support test and possible next levels

Investors are watching the $80 support level closely. If weakness persists, Solana could break below $80 and move toward the $78 zone to seek liquidity.

Market sentiment remains split between institutional capitulation and retail accumulation. While the broader structure is bearish, prior unstaking events by these entities had limited impact on price, and the current pattern of aggressive spot accumulation suggests traders may be attempting to establish a floor.

Analysis: Consolidation and what would change the outlook

Future Grand Trend signals a prolonged lateral consolidation phase, with main resistance identified at $86. A move above $86 would be fundamental to invalidating the bearish structure currently dominating the daily chart.

In the near term, absorption capacity will be tested as sell orders are processed. Recent history indicates that even when volume is high, latent demand on exchanges can mitigate the effects of liquidations.

Overall, Solana is at a technical crossroads: FTX/Alameda-related pressure is acting as a volatility catalyst, and the defense of the $80 level will likely determine whether the asset begins to recover or extends its correction toward historical support levels.