Even two years after the collapse of FTX and Alameda Research, the connection between Solana (SOL) and the bankrupt companies persists. As FTX prepares to repay its investors, it’s accelerating the sale of its Solana holdings, including a recent redemption of 178,631 SOL tokens worth $28 million.
This significant sell-off has raised concerns about its potential impact on the Solana network and the broader cryptocurrency market. Solana’s price has historically been sensitive to FTX/Alameda’s actions, and this latest move could further influence its value.
FTX continues to liquidate its Solana holdings as part of its efforts to repay investors. The recent redemption of 178,631 SOL tokens is a significant portion of FTX’s remaining Solana holdings. The sell-off could negatively impact Solana’s price and network security.
Despite the sell-off, Solana has shown resilience, with a recent rally and strong long-term staking activity. However, the future price of SOL remains uncertain as FTX continues to liquidate its holdings.