The Solana price has been rocked by the latest bombshell
revelations surrounding the collapse of crypto exchange FTX.
According to a whistleblower claiming inside knowledge of FTX’s
operations, the now-bankrupt company is secretly holding a massive
stash of Solana tokens – up to 8% of the entire SOL supply.
Triggering Fears Of Massive Sell-Off By the numbers, if these
allegations are true, this would equate to approximately 46.5
million SOL tokens worth about $7 billion at the current market
price, which is $155 at the time of this writing. Related
Reading: Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up
120 Million ADA “I’m not saying Solana will go to zero, but if this
news is true and FTX starts to sell the tokens in the open market,
then it could dump the price of Solana significantly,” warned
a crypto user who spread the news on social media site X, known
only as Wise Advice. In the wake of the news, Solana’s price
plummeted below the critical $160 support level, dropping over 9%
in the past two weeks and nearly 4% in the past 24 hours as rumors
of FTX’s secret SOL holdings circulated. Solana Price Risks
Freefall The revelations come on the heels of the FTX estate’s
previous sell-off of discounted SOL tokens to repay creditors
affected by the exchange’s collapse. Just two months ago,
Bitcoinist reported that the estate offloaded a $2.6 billion trove
of SOL at around $102 per token. Venture capital firms like Pantera
Capital and Figure Markets scooped up large portions of this
discounted SOL allocation. It is worth noting that these tokens
remain subject to a multi-year vesting period, limiting their
immediate impact on Solana’s market dynamics. On the other hand,
the alleged hidden FTX stash, if true, could overshadow the impact
of these sales and pose a formidable challenge to the Solana price
in the near term. Related Reading: Bitcoin Down But Not Out:
BTC To $700,000 Highly Probable Says Analyst With the potential for
over $7 billion in Solana tokens to eventually hit the market, the
cryptocurrency’s price may face intense selling pressure that could
undermine its bullish prospects. Still, it is imperative to
note that these are only rumors and have not been confirmed by the
exchange’s bankruptcy state, and that no further information has
been released on the matter, including whether the state overseeing
the exchange’s repayment operations plans to sell these tokens to
repay creditors, if true. Potential $140s Plunge In terms of
immediate price action, crypto analyst Pratty Crypto has
highlighted several technical factors that could signal further
downside continuation for the cryptocurrency in the coming
days. Pratty Crypto contends that Solana is facing a “lot of
confluence” that points to a potential move towards the $140 zone.
This includes Solana trading at a discount to the previous
quarter’s mid-range, testing a key quarterly open level, and
retracing 62% of its recent price run-up. In addition, Pratty
Crypto warns that the deeper Solana’s price goes into the $130-$150
order block, the less likely it is to hold, potentially leading to
more substantial losses. Featured image from DALL-E, chart
from TradingView.com
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