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Recently, a significant withdrawal of 23 million SOL from an address associated with Alameda Research and its distribution across 37 different addresses has heightened concerns about selling pressure in the Solana 
$169 market. The total of 178.82 million SOL held by the distributed addresses raises the risk of an imbalance in supply and demand. Additionally, Solana’s technical indicators signaling a “death cross” for the third time have reignited discussions around the potential for steep price declines. The earlier incident in March, where major holders withdrew 1 billion SOL, has fueled fears of similar scenarios repeating.
Alameda Research’s SOL Withdrawal and Distribution
The withdrawal of 23 million SOL through unstaking from an Alameda Research address has drawn attention to Solana in the cryptocurrency market. On-chain data confirmed that the withdrawn funds were distributed across 37 wallets, collectively holding a total of 178.82 million SOL. Such large-scale distributions typically incite short-term selling pressure, leading to unease among investors.
The high SOL amounts in the relevant addresses following the distribution raise the possibility of these funds being released into the market. Given the price decline that followed the 1 billion SOL withdrawal in March, concerns about a repeat of this scenario have increased. Experts note that Alameda’s past portfolio management strategies could trigger this volatility.
Technical Indicators Signal Risk
A “death cross” signal emerged for the third time in Solana’s price chart, showing the 50-day moving average dropping below the 200-day average. This technical indicator, first seen in 2022, led to a loss of over 60% in SOL’s value. The reactivation of this signal suggests that investors should proceed with caution.
The current price level of around $126.53, combined with a decrease in trading volume, heightens the perception of risk. Technical analysts predict that referencing the historical performance of the death cross signal, a possible decline could test the $100 level. Furthermore, the increase in SOL transfers to exchanges lays the groundwork for potential acceleration in selling activity.
