Crypto currency market discussions have reignited due to Solana’s rise. This time, the focus is on the troubled FTX exchange’s potential liquidation risks, particularly concerning the SOL tokens it holds. Claims suggest that the crypto exchange’s SOL holdings are worth $12 billion. But is such a figure really in play?
SOL Price Surge Dominates Headlines
Yesterday, the cryptocurrency SOL saw an increase of over 10% from $188 to a new annual high of $209.33, despite Bitcoin dragging the market down. SOL has maintained resilience, recording growth of over 40% in the last seven days. However, today the SOL price has dropped to $181.
The cryptocurrency Solana was one of the coins that ignited this cycle’s bull run in October 2023 by doubling its value in a short time. Market participants, however, are worried that the 58 million SOL tokens allegedly held by FTX could pose a threat to Solana’s rising trend.
According to Bitcoin advocate Pledditor, FTX holds 58 million SOL tokens “for sale.” However, data from the Solana Blockchain explorer suggests that FTX’s SOL assets are nearly exhausted. The bankrupt firm had liquidated a significant portion of its holdings since the end of 2023 when SOL began its upward trend.
How Much SOL Does FTX Have in Its Wallets?
Specifically, the Solana address known as “FTX Cold Storage 1” contains only 1,376.99 SOL. This amount of Solana, worth $286,000, poses almost no challenge considering SOL’s massive daily trading volume.
Considering that even the liquidation of 1 million units of SOL by FTX in the past did not hinder the asset’s rise, it remains to be seen whether concerns related to FTX will be a decisive factor for Solana. However, investors seem set to continue closely monitoring the cryptocurrency SOL’s ascent.
In future developments related to FTX, the cryptocurrency SOL could remain a primary agenda item. However, the small amount remaining in the hands of the bankrupt crypto exchange FTX indicates that the issue may not be of much significance anymore.
