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Home»TRADING NEWS»FTX Prepares to Sell More Solana (SOL): Price Impact
TRADING NEWS

FTX Prepares to Sell More Solana (SOL): Price Impact

By Crypto FlexsApril 22, 20243 Mins Read
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FTX Prepares to Sell More Solana (SOL): Price Impact
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FTX’s bankruptcy estate is preparing a pivotal move by auctioning off a significant amount of Solana (SOL) tokens. This strategy forms part of the FTX liquidation process that began following the November 2022 collapse.

This auction is a strategic shift from traditional fixed-price sales, signaling a potential shift in market dynamics.

Previously, 25-30 million SOL tokens were sold, generating nearly $1.9 billion in revenue. The price was $64 each, a 60% discount from the market price at the time. But there was a trade-off in the discount. This meant the buyer had to lock up the SOL for four years.

“You’re basically exchanging time for a discount,” says Caladan’s Eva Weng. You will have to freeze your capital for four years, but you will pay much less for the tokens,” she said.

The decision to opt for an auction this time could impact Solana’s market price by encouraging competitive bidding. Mike Cagney, CEO of Figure Markets Confirmed It’s up for auction, but final details haven’t been released yet.

Read more: How to Buy Solana (SOL) and Everything You Need to Know

Cagney’s Figure Markets is developing a special purpose vehicle (SPV) to facilitate auction participation from the cryptocurrency community. This mechanism is designed to attract both non-U.S. investors and U.S. accredited investors. This allows you to participate in community consensus to determine bid prices and manage subsequent investments.

The auction format can increase bidding enthusiasm with the potential to influence Solana’s price trends.

Solana’s price trajectory is currently trending upward. The Solana price reached a high of $210 on March 18 before falling significantly by more than 44% to a low of around $116 on April 13. Despite this, Solana prices have bounced back to nearly 30% above their lows.

This recovery is very important as Solana is testing a key resistance level near $156. This level marks an important Fibonacci retracement point.

Solana (SOL) price performance. Source: TradingView

If Solana maintains a position above $156, it could rise 22% to around $185, reaching the 0.786 Fibonacci level. Conversely, if this barrier is not overcome, the price may find support at $145.56.

Read More: Solana (SOL) Price Prediction for 2024/2025/2030

“At $148 Solana is massively undervalued.” Dan Borovik of Rollbit said.

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All information contained on our website is published in good faith and for general information purposes only. Any action you take upon the information on our website is strictly at your own risk.

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