The price of Solana (SOL) is at risk of a severe drop as an address linked to Alameda has unstaked about $23 million SOL tokens. This move could indicate a potential widespread sell-off of this cryptocurrency in the market. On the other hand, Solana is approaching the death cross pattern for the third time in its history, usually leading to a significant price decline. This cross occurs when the 50-day moving average crosses below the 200-day moving average and goes lower. Alameda has distributed this amount of SOL to 37 different addresses related to FTX exchange and Alameda. The total holdings of these addresses now exceed $178.82 million SOL, raising concerns of a potential extensive sell-off and further price decrease. This event is similar to the March incident this year when whales unstaked nearly $1 billion SOL, causing the cryptocurrency’s price to reach its lowest level in several months. Historical data shows that Solana’s first death cross in 2022, coinciding with the collapse of FTX exchange, led to a 90% price decrease. Now, nearing another death cross, traders are cautious about the future price of Solana. Currently, Solana is trading at around $125, marking a 15% decline over the past week. Its trading volume in the last 24 hours has also decreased by 22.71% to $4.1 billion. Nonetheless, some experts believe that despite short-term challenges, Solana’s remarkable network performance may position this cryptocurrency as a more powerful alternative to Ethereum in the long run. You can track the prices of all tokens and cryptocurrencies live on the page for real-time digital currency prices.
