Pantera Capital buys extra Solana (SOL) from FTX

• Pantera Capital has bought extra Solana (SOL) from the FTX chapter property.
• FTX is auctioning off SOL, with extra tokens to be bought to profitable bidders.

Pantera Capital has acquired one other stockpile of Solana (SOL) tokens at discounted costs from the FTX chapter property, Bloomberg reported.

The $5.2 billion crypto enterprise capital agency, secured the brand new stash of locked SOL after rising one of many winners within the ongoing public sale of Solana tokens.

Pantera, alongside crypto agency Galaxy Digital, scooped extra of the altcoin in final month’s $1.9 billion SOL public sale. Right now’s report says the corporate has bought extra tokens from the two,000 SOL FTX bought this week.

FTX’s property held over 41 million locked SOL value greater than $6 billion, and the chapter property’s greenlight to promote has attracted numerous consideration from institutional consumers. Pantera has seemed to purchase extra SOL and has reportedly earmarked as much as $250 million for this.

Solana (SOL) value

Solana (SOL) fell under $10 within the wake of FTX’s implosion and chapter submitting in November 2022.

 The cryptocurrency rose sharply by means of 2023, outperforming friends as former FTX CEO Sam Bankman-Fried confronted legal costs and was discovered responsible. Bankman-Fried was sentenced to 25 years imprisonment in March.

SOL additionally benefitted from an explosion of meme cash on the blockchain community, with Bonk and dogwifhat standout tokens in late 2023 and early this 12 months.

Solana’s value has nevertheless declined from its multi-year highs above $200 reached in March. At the moment, its buying and selling round $142, down 23% previously 30 days and a couple of% within the final 24 hours.

SOL value might retreat to current assist round $125 amid supply-side stress, whereas a bullish flip might propel it in the direction of the current peak.