Solana’s native cryptocurrency, SOL, has shown signs of recovery amid a challenging broader crypto market environment. While major cryptocurrencies like Bitcoin 
$93,619 and Ethereum 
$3,131 struggled, SOL’s value increased by approximately 3%, currently trading around $135, according to CoinMarketCap data. The resilience of SOL in the face of market difficulties has caught the attention of investors and analysts alike, highlighting the potential underlying factors contributing to this upward trend.
FTX and Solana Connection
This increase is linked to the actions of the collapsed crypto exchange FTX and its associated entity, Alameda Research. A wallet associated with FTX and Alameda unlocked SOL tokens worth approximately $23 million from Solana’s PoS network. This move reignited speculations that these crypto assets might be transferred to centralized exchanges, stirring market discussions about the implications of such movements.
In November 2023, the same wallet had unlocked $67 million in SOL and transferred it to Coinbase. Following the collapse of FTX, SOL’s value had dropped to as low as $8 due to its close relationship with FTX, demonstrating the interconnected risks within the crypto ecosystem.
Legal Investigations
Since the collapse of FTX, the company has been gradually divesting its Solana 
$244 assets. The latest unlocking coincides with federal investigations targeting FTX executives. Caroline Ellison, the former CEO of Alameda Research, is scheduled to face sentencing on September 24 for her role in the company’s downfall.
Ellison’s lawyer has requested the court to remove personal and medical information from recent defense documents. Additionally, reports indicate that Ryan Salame’s partner, Michelle Bond, is also facing charges, further intensifying the scrutiny around FTX’s activities.
These developments continue to impact Solana’s market dynamics. The influence of FTX on Solana is being closely monitored in the crypto market, illustrating how such market movements can present both opportunities and risks for investors.
