Crypto traders are discussing the SOL price dropping as a result of the possibility that FTX may sell its $1.06 billion investment in Solana. Are they going too far?
Since the beginning of 2023, the price of Solana has recovered, rising 175% to a high of $27.37 as the ecosystem expanded.
The Delaware Bankruptcy Court's approval of the sale of FTX's digital assets, which include 55.75 million SOL valued at $1.062 billion, put SOL under intense selling pressure, but, more recently. However, the unlock timeline for FTX's holdings and the derivatives market's stance point to the possibility of an upside-biased countermove.
Following the decision by Judge John Dorsey at a hearing on September 13, the price of SOL fell to a weekly low of $17.96.
However, according to data from CoinGlass, SOL rose by 4% on September 14 due to the liquidation of long positions totaling $800,000 the day before.
MartyParty, a cryptocurrency trader, thinks that the selling pressure is exaggerated because the majority of FTX's SOL holding is vesting between 2025 and 2027.
