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The announcement of FTX’s $5 billion payment plan has stirred uncertainty in the cryptocurrency market, leading to a significant price drop for the altcoin Solana 
$153 (SOL). On May 16th, SOL experienced a 4% decrease in value, dropping to $169. Analysts attribute this decline to the unlocking of a substantial amount of SOL held by FTX and the overall increased selling pressure in the market. For the first time since the end of April, Solana’s price fell below $170.
FTX Asset Distribution Fuels Selling Pressure
FTX is set to distribute a total of $5 billion worth of digital assets to creditors, starting from May 30th. The payments will be processed through platforms such as BitGo and Kraken within 1 to 3 business days. During this period, a notable activity was observed in the Solana sector.
In the past week, 1.4 million SOL coins have been withdrawn from exchanges. Valued at approximately $236 million at current prices, this liquidation is considered a major factor increasing the selling pressure. As a result of these developments, Solana’s price broke the $170 support, entering a short-term weak market outlook.
FTX’s substantial holdings of Solana and the transfer of these tokens to exchanges under the distribution plan have triggered panic selling among investors. The combination of these sales with high-volume trades is exacerbating the volatility in Solana. Market observers warn that the selling pressure might continue until May 30th.
Potential Solana ETF and Technical Constraints
Despite the negative atmosphere, there are promising developments for Solana investors. The U.S. Securities and Exchange Commission (SEC) is reportedly over 80% likely to approve some altcoin ETF applications by mid-June, with Solana being one of the discussed candidates. This expectation is prompting some investors to take positions in advance.
However, technical analysis suggests caution in the short term for Solana. After a sharp decline of over 9% in recent days, the recovery was limited at the $171 level. Buyers appear weak without a sustained rise above $175. Solana’s price has lost the short-term support at $170.53. If it remains below this level, there is potential for a drop to the $161 to $150-145 range. Technical indicators suggest that the selling pressure is not yet over and no strong upward signal has emerged.
Bitcoin’s Stability Isn’t Enough
Despite the overall market weakening, Bitcoin 
$109,011 managed to stay above $100,000 over the past seven days. While considered a reassuring signal for some investors, it wasn’t sufficient to stem the volatility in altcoins. Projects like Solana remain vulnerable to large token movements and technical breakdowns.
The FTX-related distribution process is especially pressuring Solana, as investors keep an eye on both ETF decisions and Bitcoin’s stability. Though the short-term selling wave may persist, market dynamics hold the potential for sharp rebounds.
