---

Solana’s native token, $SOL, has shown notable bullish momentum in recent sessions, underpinned by strong technical indicators and renewed investor confidence. However, recent actions by the now-defunct crypto entities FTX and Alameda Research—specifically the unstaking of approximately $31 million worth of SOL—have introduced near-term uncertainty.

Bullish Breakout Faces Critical Test

SOL has posted three consecutive daily gains, breaking out of a prolonged descending channel and surpassing key resistance zones. Notably, the asset completed an inverted head-and-shoulders breakout, a widely recognized bullish reversal pattern. The token has also moved above its 200-day Exponential Moving Average (EMA)—a pivotal signal for longer-term strength.

These developments have prompted many traders to eye the $184 price level, implying a potential 15% upside from current levels. Holding support above the neckline of the recent breakout remains a crucial condition for this move.

FTX and Alameda Unstake Raises Concerns

Despite the favorable technical setup, market attention has shifted to FTX and Alameda’s unstaking of 189,851 SOL (approximately $30.94 million). On-chain data from Lookonchain confirmed the funds were withdrawn from staking, though no immediate liquidation followed.

While this move does not conclusively signal an intent to sell, it has stirred concerns—given these firms' ongoing asset liquidations as part of bankruptcy proceedings. The news triggered a short-term dip, with SOL retreating from above $166 to approximately $163.

Technical Indicators Remain Constructive

Despite the pullback, key momentum indicators continue to support the bullish thesis:

Relative Strength Index (RSI) is at 63, suggesting building strength without entering overbought territory.

24-hour trading volume surged 55%, reflecting heightened investor participation and buy-side activity.

Open interest in derivatives markets remains skewed to the upside, with approximately $182.72 million concentrated around the $161.4–$167.4 range, compared to just $80 million in short positions, according to Coinglass data.

This imbalance reinforces the dominance of bullish sentiment across both spot and derivatives markets.

Outlook: Continuation or Consolidation?

The recent unstaking event by FTX and Alameda introduces a degree of caution, but broader market signals suggest Solana’s uptrend remains intact. The combination of price structure, volume expansion, and technical momentum indicates the market may absorb any additional supply without derailing the rally.

SOL’s current behavior resembles that of a coiled spring—building energy and preparing for a potential breakout, assuming key support levels remain defended.

---

Conclusion

Solana’s market structure is currently tilted in favor of the bulls. While the FTX-Alameda development presents a potential short-term headwind, it does not appear to have fundamentally altered the token’s trajectory. Strong technical foundations, positive momentum, and increased investor engagement point toward continued upside.

The next several trading sessions will be critical in determining whether $SOL can maintain momentum toward the $184 target, or if external selling pressure will prompt a temporary consolidation.

#ArbitrageTradingStrategy #USCryptoWeek

---