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Worries have resurfaced throughout the crypto market relating to the sustainability of Solana’s latest bullish surge, fueled by hypothesis over potential liquidation dangers tied to the troubled FTX trade.
Within the final 24 hours, Solana (SOL) established a brand new yearly excessive of $209.33, rallying greater than 10% from $188. Over the previous seven days, regardless of Bitcoin dragging down the crypto market, SOL stayed resilient, rising by over 40%.
Notably, Solana was one of many cryptocurrencies that ignited this cycle’s bull run in October 2023, when it doubled in worth in below 30 days. The asset maintained the uptrend till January, coming into a consolidation section, ranging between $85 and $120, till this month, when it engineered one other breakout. Emphatically, SOL has soared by over 64% from its value of $125 on March 1 to $209 in the present day.
Nonetheless, market contributors are once more apprehensive of Solana’s new surge fading out, particularly seeing FTX as a menace to Solana’s uptrend. In a latest put up on X, Bitcoin fanatic Pledditor claimed that FTX holds a staggering 58 million SOL tokens “to promote.”
These tokens FTX supposedly holds are price over $12 billion on the asset’s present prevailing market value. Nonetheless, it’s price mentioning that FTX doesn’t maintain this quantity of Solana tokens.
Information from the Solana blockchain explorer reveals that FTX’s SOL holdings are virtually fully depleted. The bankrupt agency had liquidated a major quantity of the asset since late 2023 when SOL commenced the uptrend.
Specifically, the Solana deal with recognized as “FTX Chilly Storage 1” has only one,376.99 SOL price $286,056. In the meantime, FTX Solana chilly storage two and three are empty with barely $1,00 price of SOL tokens.
In different phrases, contemplating SOL’s large day by day buying and selling quantity, FTX’s $286K Solana barely poses any vital problem to the asset’s uptrend. As an illustration, within the final 24 hours, SOL has seen over $10.65 billion. Furthermore, FTX liquidating 1 million items of SOL final November by no means prevented the asset from hovering even additional.
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