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Solana entities sold 50M tokens to FTX — How long will SOL price suffer?

Published 11/16/2022, 04:04 AM
Updated 11/16/2022, 05:40 AM
Solana entities sold 50M tokens to FTX — How long will SOL price suffer?

Solana entities sold 50M tokens to FTX — How long will SOL price suffer?

Solana (SOL) has lost 60% of its market value in a week due to its exposure to the now-defunct crypto exchange FTX, which could continue to haunt the "Ethereum killer" well into the future.

FTX and its sister-firm Alameda Research is liable to have control over 50 million SOL, according to Solana's statement released on Nov. 10.

Summary of SOL sales to FTX/Alameda Research. Source: Solana Labs
  1. The errant allocation is burned.
  2. Increase the lock to 10 years on the errant allocation.
  3. Airdrop all SOL token holders' additional SOL, except for the party holding the errant allocation.
  4. A combination of the above.
SOL/USD daily price chart featuring bullish divergence. Source: TradingView
SOL/USD weekly price chart featuring head-and-shoulder breakdown setup. Source: TradingView

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