The connection between the Solana blockchain and the bankrupt companies FTX and Alameda Research still exists nearly two years after their collapse. FTX plans to start repaying its investors in the fourth quarter, and it's expected to speed up its Solana sales.
SOL Sale and Its Consequences
A recent FTX/Alameda transaction has attracted attention in the crypto community, as the company redeemed 178,631 SOL tokens worth $28 million. On-chain analyst Ember revealed that these tokens, previously a part of Solana’s proof-of-stake system, are likely to be transferred to major exchanges like Coinbase or Binance.
Market Impact
The redemption of such a significant amount of SOL raises concerns about its potential effect on the Solana network and the broader cryptocurrency market. Since FTX's collapse, Solana’s price has been highly sensitive to changes in FTX/Alameda's holdings.
SOL Price Analysis
Solana (SOL) experienced a significant rally, climbing 20.43% over the past week and hitting the $160 mark on October 14, 2024. However, after reaching a high of $157.8, the price retraced to $155 due to early profit-taking and bearish pressure.
Investors are keeping a close eye on how future FTX actions might impact the Solana market and the cryptocurrency sector as a whole. These developments could be crucial for Solana's future price dynamics.