FTX Unstakes $30.9 Million in SOL, Can Solana Stay Strong?

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The crypto market is trading in green today on the heels of Bitcoin hitting record-breaking highs above $118K. Major altcoins like Ethereum, XRP, and Solana also rallied 5-8% today. Amidst the broader crypto market rally, FTX has released massive amounts of SOL today. 

FTX Stakes $30.9 million in SOL, Sell Off Next?

Data from lookonchain shows that FTX staked 189,851 SOL, worth $30.94 million today. This has raised questions over whether this could bring in selling pressure for the token in the current bull run. Although this is not unusual, with the upswing in the market, one analyst said that it could shake the confidence in SOL, just when the optimism is returning. 

FTX has been gradually unstaking Solana as part of its bankruptcy liquidation to repay its creditors. On March 4, 2025, it had unlocked 3.03 million SOL worth $431 million. This triggered a 19% drop in its price, which was the biggest since November 2023.  

Further, it continued unstaking, which kept adding selling pressure to the market. On May 12, it unstaked 187,625 SOL worth over $32 million. On June 13, it unstaked 188,000 SOL. These moves caused small price dips of 3-5% each time. 

Solana Stays Strong at $164

However, Solana remains unfazed and is currently trading at $164.71, up 4.5% in the last 24 hours. With rising institutional interest in Solana, many believe the market can easily absorb the extra supply. With growing activity, a booming ecosystem, and more money flowing in, analysts believe that $180 is just the start, and a return to all-time highs could be near.

Solana continues to lead the pack, pulling in $271 million in Q2 2025 revenue, which was more than Ethereum, Tron, and others, marking its third straight quarter at the top. This surge was driven by booming activity in DeFi, NFTs, and apps on the network. 

Besides, Solana also matched the monthly active users of all other L1 and L2 chains combined in June, which shows its growing dominance and developer momentum in the blockchain space.

Institutional Giants Back Solana

Solana is also getting major backing from big players. BIT Mining is shifting its focus to Solana, aiming to build a $200–300 million SOL treasury and run validator nodes.  Meanwhile, DeFi Development Corp boosted its SOL holdings to 846,630 SOL worth $133 million, now the largest among public companies.

Even though activity slowed in June, it still handled 31% of all blockchain transactions and brought in 35% of app revenue. With growing use, big partnerships, and talk of a spot ETF, Solana’s future looks strong.