{"id":3756,"date":"2024-08-03T07:02:55","date_gmt":"2024-08-03T07:02:55","guid":{"rendered":"https:\/\/solanacrypto.news\/2024\/08\/03\/solana-price-crashes-below-160-amid-revelations-of-ftxs-hidden-sol-stash\/"},"modified":"2024-08-03T07:02:55","modified_gmt":"2024-08-03T07:02:55","slug":"solana-price-crashes-below-160-amid-revelations-of-ftxs-hidden-sol-stash","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2024\/08\/03\/solana-price-crashes-below-160-amid-revelations-of-ftxs-hidden-sol-stash\/","title":{"rendered":"Solana Price Crashes Below $160 Amid Revelations Of FTX\u2019s Hidden SOL Stash"},"content":{"rendered":"
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\n\t\t\tSolana Price Crashes Below $160 Amid Revelations Of FTX\u2019s Hidden SOL Stash\n\t\t<\/p>\n

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\n\t\t\t\t03 Agosto 2024 – 3:30AM
\n\t\t\t\t
NEWSBTC\n\t\t\t<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

\n

<\/p>\n

The Solana price has been rocked by the latest bombshell
\nrevelations surrounding the collapse of crypto exchange FTX.
\nAccording to a whistleblower claiming inside knowledge of FTX\u2019s
\noperations, the now-bankrupt company is secretly holding a massive
\nstash of Solana tokens \u2013 up to 8% of the entire SOL supply.
\nTriggering Fears Of Massive Sell-Off By the numbers, if these
\nallegations are true, this would equate to approximately 46.5
\nmillion SOL tokens worth about $7 billion at the current market
\nprice, which is $155 at the time of this writing.\u00a0 Related
\nReading: Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up
\n120 Million ADA \u201cI\u2019m not saying Solana will go to zero, but if this
\nnews is true and FTX starts to sell the tokens in the open market,
\nthen it could dump the price of Solana significantly,\u201d\u00a0 warned
\na crypto user who spread the news on social media site X, known
\nonly as Wise Advice. In the wake of the news, Solana\u2019s price
\nplummeted below the critical $160 support level, dropping over 9%
\nin the past two weeks and nearly 4% in the past 24 hours as rumors
\nof FTX\u2019s secret SOL holdings circulated.\u00a0 Solana Price Risks
\nFreefall The revelations come on the heels of the FTX estate\u2019s
\nprevious sell-off of discounted SOL tokens to repay creditors
\naffected by the exchange\u2019s collapse. Just two months ago,
\nBitcoinist reported that the estate offloaded a $2.6 billion trove
\nof SOL at around $102 per token. Venture capital firms like Pantera
\nCapital and Figure Markets scooped up large portions of this
\ndiscounted SOL allocation. It is worth noting that these tokens
\nremain subject to a multi-year vesting period, limiting their
\nimmediate impact on Solana\u2019s market dynamics. On the other hand,
\nthe alleged hidden FTX stash, if true, could overshadow the impact
\nof these sales and pose a formidable challenge to the Solana price
\nin the near term.\u00a0 Related Reading: Bitcoin Down But Not Out:
\nBTC To $700,000 Highly Probable Says Analyst With the potential for
\nover $7 billion in Solana tokens to eventually hit the market, the
\ncryptocurrency\u2019s price may face intense selling pressure that could
\nundermine its bullish prospects.\u00a0 Still, it is imperative to
\nnote that these are only rumors and have not been confirmed by the
\nexchange\u2019s bankruptcy state, and that no further information has
\nbeen released on the matter, including whether the state overseeing
\nthe exchange\u2019s repayment operations plans to sell these tokens to
\nrepay creditors, if true. Potential $140s Plunge In terms of
\nimmediate price action, crypto analyst Pratty Crypto has
\nhighlighted several technical factors that could signal further
\ndownside continuation for the cryptocurrency in the coming
\ndays.\u00a0 Pratty Crypto contends that Solana is facing a \u201clot of
\nconfluence\u201d that points to a potential move towards the $140 zone.
\nThis includes Solana trading at a discount to the previous
\nquarter\u2019s mid-range, testing a key quarterly open level, and
\nretracing 62% of its recent price run-up. In addition, Pratty
\nCrypto warns that the deeper Solana\u2019s price goes into the $130-$150
\norder block, the less likely it is to hold, potentially leading to
\nmore substantial losses.\u00a0 Featured image from DALL-E, chart
\nfrom TradingView.com<\/p>\n

\n
\n\t\t\t\t\t\tBitcoin (COIN:BTCUSD)
Gr\u00e1fico Hist\u00f3rico do Ativo
De Jul 2024 at\u00e9 Ago 2024<\/p>\n

\"Click<\/p><\/div>\n

\n\t\t\t\t\t\tBitcoin (COIN:BTCUSD)
Gr\u00e1fico Hist\u00f3rico do Ativo
De Ago 2023 at\u00e9 Ago 2024<\/p>\n

\"Click<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Solana Price Crashes Below $160 Amid Revelations Of FTX\u2019s Hidden SOL Stash 03 Agosto 2024 – 3:30AM NEWSBTC 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\u2019s operations, the now-bankrupt company is secretly holding a massive stash […]<\/p>\n","protected":false},"author":1,"featured_media":3757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/3756","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/comments?post=3756"}],"version-history":[{"count":0,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/3756\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media\/3757"}],"wp:attachment":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media?parent=3756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/categories?post=3756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/tags?post=3756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}