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Solana watchers will hope 2025 brings some of those fabled bullish unlocks.

If you search for “SOL unlocks” on X, you’ll find a cascade of warnings that the token’s circulating supply is set to greatly increase in 2025 alongside grainy screenshots of an unsourced spreadsheet showing big unlock figures. While these unlocks are real, industry watchers I spoke to didn’t seem too concerned that the newly-sellable tokens — which account for a small percentage of the overall supply — will add much downward pressure to the asset.

In Solana’s early days, FTX purchased a ton of SOL…

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