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Attention Traders! Solana Price in Deep Trouble, Millions of SOL May Flood into the Market Very Soon

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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  • Solana price has been heavily impacted by the current market trend which is influenced by the FTX token collapse

  • Meanwhile, a large chunk of SOL is making its way into the markets, which may record huge bearish candles for the asset in the coming days

Solana‘s price has plunged remarkably by more than 55% in the past couple of days, dragging the value below $20 at the moment. The platform registered a huge selling volume since the last trading day, which has raised from $2 billion to more than $6 billion at the moment.  

The SOL price plunge intensified as the FTX token price dropped amid the tussle with Binance CEO, changpeng zhao . The bearish clouds are expected to intensify as more than 18 million SOL may hit the markets in the next 24 hours. 

As per Lookonchain, an analytical platform, 18,775,348 SOL tokens may be liquidated as they have been unstaked in epoch 370. When this epoch is over, these tokens will be sold in the market creating huge selling pressure on the asset. According to the platform, whales have stopped staking Solana and may soon withdraw & transfer them out. 

Why SOL Price Dropped as the FTT Price Tanked Down?

Solana price is the second largest loser after FTT with a drop of more than 30% in the top 100. According to the Internet Protocol (ICP) founder, Dominic Williams, SBF (Sam Bankman-Fried) ftx exchange CEO, FTX Exchange and Alameda-FTX’s sister trading platform hold billions in SOL. 

Moreover, the founder claims FTX representative bought their own tokens heavily to inflate the prices and fake their net worth. 

Collectively, the SOL price, which has traded within a deep bearish trend since the time it marked highs above $250, may find new lows, possibly a single-digit figure too. Therefore, until the bears hold a tight grip over the market, the bulls and whales may continue to refrain. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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