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Solana Price Regains Momentum As FTX Sell-Off Ends
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Solana Price Regains Momentum As FTX Sell-Off Ends

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Solana Price

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After a significant dip to $51.27, Solana (SOL) is currently witnessing a notable recovery in its market price, currently trading at $55.31 (up 7%). This upswing follows a period of intense volatility, with SOL reaching a peak of $63.80 last Saturday, marking an impressive 270% rally over 61 days, only to drop almost 20% subsequently.

The FTX Factor In The Solana Price Movement

FTX has probably been a significant influence on SOL’s price volatility. A report from Lookonchain, an on-chain analysis service, indicates that FTX’s liquidity in SOL has drastically diminished, with Solana worth only $185,000 remaining in their public addresses. “FTX deposited 250,000 SOL ($13.6 M) to Kraken 7 hours ago. Currently, FTX’s public addresses on Solana only have 3,408 SOL,” Lookonchain reported.

FTX deposited 250K $SOL($13.6M) to #Kraken 7 hours ago.

Currently, FTX’s public addresses on #Solana only have 3,408 $SOL ($185K) left.https://t.co/A4CyCXgVzS pic.twitter.com/4EVtrwoYyX

— Lookonchain (@lookonchain) November 14, 2023

Crypto influencer MartyParty commented on the situation, criticizing FTX’s strategy of liquidating SOL holdings for creditor payments as “one of the most idiotic moves in crypto history.” According to his observations, FTX’s liquid SOL has been entirely offloaded to the market, marking an end to its influence on SOL’s price dynamics.

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Meanwhile, crypto analyst Bluntz pointed out that despite FTX’s consistent selling of SOL, ranging from 250,000 to 700,000 daily for the past three weeks, the price of SOL managed to stay resilient. He suggests that with the depletion of FTX’s unlocked tokens, a significant price surge for SOL could be imminent, “Once this seller is gone, I can only imagine how hard it’s gonna pump. Dont middle curve this.”

The Remaining SOL Holdings Of FTX

While FTX has sold 6.996 million SOL in the last few weeks, they are still sitting on a huge pile of Solana. Crypto Edgar provided an overview of FTX’s SOL holdings, highlighting that while the bulk of SOL transfers from FTX’s cold wallets have been completed, a substantial amount remains staked in various liquid stake solutions, potentially available for future sale.

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Solana Price Could Reach $1,000, Analyst Explains Why

1 year ago

“The FTX cold wallets contain almost no more SOL but they still hold some amount of liquid SOL which is staked in liquid stake solutions Lido Finance, Marinade Finance and JPool. In total 1.25 million SOL is still locked but could easily be withdrawn and sold as well,” the analyst remarked.

FTX SOL holdings in liquid staking
FTX SOL holdings in liquid staking | Source: X @CryptoEdgar_

Moreover, it is important to note that FTX still holds 42.2 million SOL, worth $2.19 billion under lock-up. According to the SOL unlock schedule, each month sees the release of 618,400 SOL. This regular monthly unlocking accounts for about 1.1% of the entire SOL holdings of FTX. Notably, a significant event is scheduled for March 1, 2025, where 7.5 million SOL will be unlocked.

Solana Unlock Schedule
Solana unlock schedule | Source: Coingecko

In conclusion, although some influencers are celebrating the end of the FTX sell-off, this is not the full reality. While a large chunk of selling pressure may have been very well absorbed by the market in recent weeks, it is not close to an end. The FTX factor for the Solana price is still out there.

Despite that the SOL price has shown tremendous strength in recent weeks, considering the massive selling pressure from FTX. At press time, SOL was trading at $55.31, making the 1,618 Fibonacci extension level at $57.85 once again the key resistance for the bulls.

Solana price
SOL price, 1-day chart | Source: BTCUSD on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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