Solana Price Prediction as FTX Estate Sells $1.9 Billion Worth of SOL – Will SOL Rally Now?
In a startling market move, FTX’s estate liquidated approximately $1.9 billion of its Solana (SOL) holdings, significantly below current market rates, sparking widespread speculation on Solana’s price prediction.
This massive sell-off, constituting over half of FTX’s Solana assets at a 63% discount, has rippled through the cryptocurrency landscape, impacting Solana’s valuation and investor sentiment.
Despite this turmoil, the broader crypto market’s resilience hints at potential recovery, posing the question: could this drastic price drop be an opening for SOL to regain its footing and rally?
With Solana price trading near $180 and showing modest gains, the market’s response to this unprecedented sale could redefine Solana’s financial trajectory.
FTX’s liquidation of 25-30 million SOL tokens at $64 each, significantly below the current $178 trading price, has stirred the crypto community. Asset managers like Galaxy Trading, Pantera Capital, and Neptune Digital Assets were major buyers, with Galaxy raising $620 million alone.
This discounted sale raises concerns over FTX’s debt repayment capacity and has sparked accusations of creditor rights violations. The locked sale terms for four years have further fueled dissatisfaction, impacting Solana’s market stability and highlighting the volatility and risks in cryptocurrency investments.
FTX and Alameda have initiated substantial cryptocurrency transfers totaling approximately $15 million to centralized exchanges, according to recent blockchain analyses. Notably, these transfers include 1,000 ETH to Coinbase, 1,000 Wrapped Ether (WETH) to Wintermute, and 3,544 Wrapped Binance Coin (WBNB) to Binance.
Additionally, there’s been a shift of around $105.9 million in various
Read more on cryptonews.com
