#Solana ’s native token, $SOL , has exhibited strong bullish momentum in recent days, supported by robust technical indicators and renewed investor confidence. However, recent actions by the now-defunct crypto firms FTX and Alameda Research—including the unstaking of nearly $31 million worth of SOL—have introduced short-term uncertainty into the market. The key question facing traders now is whether this development represents a temporary pause or a significant obstacle to Solana’s rally toward the $184 mark.
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Bullish Momentum Faces a Test
SOL has recorded three consecutive green daily candles, breaking out of a long-standing descending channel and surging beyond key resistance levels. The token also moved decisively out of a consolidation zone, adding to bullish conviction. A notable technical breakout occurred through an inverted head-and-shoulders pattern, a widely recognized bullish structure. Additionally, SOL has now crossed above the 200-day Exponential Moving Average (EMA)—another critical signal of upward strength.
These technical milestones have prompted many traders to set sights on $184, which represents a potential 15% upside from current levels—provided SOL maintains support above the neckline of the inverted head-and-shoulders pattern.
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FTX and Alameda Unstaking Raises Caution
Despite the bullish setup, the sudden unstaking of 189,851 SOL, valued at approximately $30.94 million, by FTX and Alameda has cast a shadow over the rally. On-chain tracking platform Lookonchain reported the activity, noting the funds were withdrawn from staking without clear indication of imminent liquidation. The market reaction was swift: SOL briefly dipped from above $166 to around $163, reflecting trader hesitation in the face of potential selling pressure.
While the move doesn’t confirm an intent to sell, market participants remain cautious due to the history of asset offloading by these firms to repay creditors.
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Technical Indicators Remain Supportive
Despite the pullback, key momentum indicators remain bullish. Solana’s Relative Strength Index (RSI) currently stands at 63, indicating the asset is gaining strength but has not yet entered overbought territory. Additionally, trading volume surged by 55% over the past 24 hours, reflecting growing interest and participation on the buy side.
Data from Coinglass further supports this trend: Open interest in long positions is heavily concentrated at the $161.4 and $167.4 levels, totaling approximately $182.72 million. In contrast, shorts lag significantly at around $80 million, underscoring the dominance of bullish sentiment in the derivatives market.
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Market Outlook: Coiled for Continuation or Pause Ahead?
While the $31 million unstake introduces a level of caution, the broader technical and on-chain metrics suggest that Solana’s uptrend remains intact. Price structure, volume, and sentiment collectively point toward continued upside—provided the market absorbs any forthcoming supply without significant disruption.
SOL appears poised for further gains, with momentum building and price action behaving like a coiled spring—loaded with potential energy and primed for a breakout. Traders will closely watch whether support levels hold in the coming sessions. If they do, the path toward the $184 target may remain firmly in play.
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Conclusion:
Solana’s current market structure leans decisively bullish. While the FTX-Alameda development introduces a short-term variable, strong technicals, favorable momentum indicators, and heightened market participation all support the case for further upside. The coming days will be crucial in determining whether SOL can sustain its climb or faces resistance from external sell pressure.
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