The connection between Solana (SOL), a major layer-one (L1) blockchain, and the collapsed FTX and Alameda Research still exists nearly two years after the companies’ downfall. As FTX gears up to repay its investors starting in the fourth quarter, it’s expected to speed up its Solana sales to raise the required funds.
Moreover, the court ordered FTX to repay the credit up to $16 billion, which the company intends to facilitate in stablecoins. As Coinpedia previously reported, FTX has already begun receiving stablecoins, despite the possible legal hurdles from the US SEC on the matter.
As FTX prepares to make amends with its investors, the question on everyone’s mind is: Will Solana be the one to bear the brunt of the fallout? Let’s find out.
To avoid affecting Solana’s market price, FTX and Alameda are likely to sell their Solana holdings through over-the-counter (OTC) deals. Earlier this year, Pantera Capital announced plans to raise $250 million from investors to purchase Solana from FTX at a 39% discount to market value.
Today, on-chain data showed that FTX and Alameda Research-related addresses unstaked 177,693 SOL, valued at nearly $24 million. These addresses currently hold more than 7 million SOL, worth over $953 million.
As the crypto market gradually recovers, led by Bitcoin (BTC), Solana’s price has found support above $122, partly due to expectations of a Federal Reserve interest rate cut next week. Solana, with a fully diluted market value of about $78 billion and daily trading volume around $2.7 billion, rose nearly 3% in the last 24 hours, trading at about $135 during early trading in Europe on Thursday.
The upcoming Solana sales by FTX are unlikely to significantly affect SOL’s price, as demand from retail and institutional investors remains high. Recently, the approval of spot Solana ETFs in Brazil highlighted the growing institutional interest in SOL.
This isn’t the end of the story. Keep up with the updates here on Coinpedia.
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