On the other hand, the alleged hidden FTX stash, if true, could overshadow the impact of these sales and pose a formidable challenge to the Solana price in the near term. Related Reading: Bitcoin Down But Not Out: BTC To $700,000 Highly Probable Says Analyst With the potential for over $7 billion in Solana tokens to eventually hit the market, the cryptocurrency’s price may face intense selling pressure that could undermine its bullish prospects. Still, it is imperative to note that these are only rumors and have not been confirmed by the exchange’s bankruptcy state, and that no further information has been released on the matter, including whether the state overseeing the exchange’s repayment operations plans to sell these tokens to repay creditors, if true.
Triggering Fears Of Massive Sell-Off By the numbers, if these allegations are true, this would equate to approximately 46.5 million SOL tokens worth about $7 billion at the current market price, which is $155 at the time of this writing. Related Reading: Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA “I’m not saying Solana will go to zero, but if this news is true and FTX starts to sell the tokens in the open market, then it could dump the price of Solana significantly,” warned a crypto user who spread the news on social media site X, known only as Wise Advice.
In the wake of the news, Solana’s price plummeted below the critical $160 support level, dropping over 9% in the past two weeks and nearly 4% in the past 24 hours as rumors of FTX’s secret SOL holdings circulated. Solana Price Risks Freefall The revelations come on the heels of the FTX estate’s previous sell-off of discounted SOL tokens to repay creditors affected by the exchange’s collapse.
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