Solana’s Recent Surge in Price
Solana (SOL) has seen a significant rise in price in the past week, surpassing Binance Coin (BNB) in terms of market capitalization. According to on-chain analytics firm Spot On Chain, SOL’s surge in the 24-hour frame is close to 6% based on CoinGecko data.
FTX’s SOL Sales and Holdings
Spot On Chain’s analysis revealed that FTX and Alameda transferred approximately 13.22 million SOL, valued at around $666 million, to various exchanges from October 24 to December 14, 2023. Only 27% of FTX’s total SOL holdings have been unlocked, leaving about 2 million SOL available for immediate trade.
Potential Impact of Sell-Off
About 40.5 million SOL, or 73% of FTX and Alameda’s holdings, are set to be gradually released on schedule. However, Spot On Chain believes that the potential future sell-offs of SOL by FTX and Alameda are unlikely to significantly impact the market in the near term.
The Role of FTX and Alameda as Major Holders
While the price of SOL has experienced a 30% increase over the past week, the role of FTX and Alameda as major holders of SOL remains a focal point. At the time of FTX’s bankruptcy, their SOL holdings were estimated at 55.8 million.
Hot Take: Solana’s Rising Price and Influence
Solana has witnessed a surge in price recently, surpassing Binance Coin in terms of market capitalization. However, the influence of major holders like FTX and Alameda remains significant. While FTX has sold a substantial amount of SOL, their potential future sell-offs are not expected to have a major impact on the market in the near term. As Solana continues to gain traction, it will be interesting to see how the actions of these key holders shape its future trajectory.
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