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Solana may face selling pressure after a large withdrawal from FTX
In exciting developments, a wallet linked to the FTX/Alameda company, which announced its bankruptcy, withdrew approximately 177,693 SOL worth about $23.75 million from the Solana Staking system. This move has put traders and investors on edge, as there is a strong possibility that these tokens will be sent to centralized exchanges (CEXs), which could cause selling pressure and have a significant impact on the currency's price.
Currently, the price of SOL is around $135, facing strong resistance at $138. If Solana can break this level and close a daily candle above it, we may see an increase up to $163 or even $185. However, the situation is still concerning, especially if withdrawal and selling operations from the FTX-linked wallet increase, as it still holds a large amount of SOL tokens. If significant selling operations occur, the market may be affected and prices could drop further.