Recently, FTX received nearly $40 million in SOL tokens, drawing attention to the company's further actions regarding creditor compensation.
Overview of FTX SOL Unlocks
FTX has received another tranche of unlocked SOL tokens and may continue selling them. According to Sunil Kavuri, who handles the creditor compensation process, FTX is likely to liquidate cryptocurrency for further payments. Specifically, FTX withdrew $40 million in SOL that was staked on Coinbase.
Market Impact of SOL
FTX's sales of SOL have exerted pressure on the market as the company continues to withdraw tokens with the aim of covering its debts. Historically, such sales have affected the price fluctuations of SOL, especially during significant unlock events. Currently, SOL is able to absorb the sale volumes, but further actions by FTX could lead to price oscillations.
Long-term Outlook for SOL
In terms of long-term prospects, FTX's use of SOL for creditor compensation may lead to a flow of funds into the market. Research has indicated that previous SOL sell-offs were accompanied by price increases, offering some hope for recovery. With current prices and activity in the SOL ecosystem, it remains a key asset for investors and traders.
Thus, the ongoing unlocks and subsequent sales of SOL by FTX create a complex situation for the market, oscillating between halting sell-offs or increasing liquidity in the ecosystem.
