Solana is facing significant turmoil following revelations related to the collapse of the crypto exchange FTX. An insider claims that FTX, now bankrupt, is holding a vast amount of Solana tokens—potentially up to 8% of the total SOL supply.
If these claims are true, this stash could consist of about 46.5 million SOL tokens, valued at around $7 billion given the current market price of $150.
A social media user known as Wise Advice warned, “I’m not saying Solana will go to zero, but if FTX starts selling these tokens, it could massively impact Solana’s price.” Following this revelation, Solana’s price dropped below the critical $160 support level.
Over the past two weeks, SOL has fallen more than 9%, with nearly 4% of that decline happening in just the last 24 hours as rumors about FTX’s hidden stash spread.
This news comes shortly after the FTX estate’s recent sale of SOL tokens. Just two months ago, the estate sold $2.6 billion worth of SOL at approximately $102 per token to repay creditors. Major venture capital firms, including Pantera Capital and Figure Markets, bought a significant portion of this discounted SOL, though these tokens are locked up under a multi-year vesting period.
However, the alleged FTX stash could have an even bigger impact than the previous sales. If over $7 billion worth of SOL tokens were to be sold on the open market, it could create significant selling pressure on the cryptocurrency, potentially disrupting its bullish momentum.
Analyst Pratty Crypto points to technical indicators that suggest Solana might face further declines. Pratty notes that SOL is currently trading below its mid-range from the previous quarter, testing key support levels, and has retraced 62% of its recent price gains. With these factors in play, Solana could fall into the $140s, and deeper declines into the $130-$150 range may be difficult to reverse.
While these allegations remain unverified and no official confirmation has been provided regarding the potential sale of these tokens by the FTX estate, the market remains on edge.
