Solana

Foundation

<ul>
 <li><strong>The FTX trustee staked 5.5 million SOL tokens, with an estimated value of $122 million.</strong></li>
 <li><strong>Despite the recent brief recovery, SOL is down 5.13% in the last 7 days.</strong></li>
</ul>
<p>From one of the primary wallet addresses on the Solana blockchain, an address controlled by the FTX trustee staked 5.5 million SOL tokens, with an estimated value of $122 million as per Solana block explorer SolanaFM.</p>
<p>Before this change, SOL investors were worried that the <a href="https://thenewscrypto.com/ftx-trial-week-a-recap-of-explosive-revelations/" target="_blank" rel="noopener noreferrer nofollow">FTX</a> trustee may sell the SOL tokens in a manner that would impact the price of the altcoin, leading to a drop in the value of SOL. All of these worries were put to rest by the most recent steps taken by the FTX trustee in reference to the SOL tokens.</p>
<p>Moreover, the Solana Foundation has offered a $400,000 bounty to anybody who can successfully halt the Solana network.&nbsp; There is a $400,000 incentive for anybody who can put the Solana network to a stop, as revealed by Jacob Creech, Developer Relations Lead at the Solana Foundation. The Solana Foundation has established this as part of their bug bounty initiative.</p>
<h3 class="wp-block-heading" id="h-brief-recovery">Brief Recovery</h3>
<p>At the time of writing, <a href="https://thenewscrypto.com/solana-price-succumbs-to-heavy-selling-pressure-further-decline-likely/" target="_blank" rel="noopener noreferrer nofollow">SOL</a> is trading at $22.01, up 2.03% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 21.60%. Despite the recent brief recovery, SOL is down 5.13% in the last 7 days.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="660" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/10/SOL_7D_graph_coinmarketcap-1-1.png" alt="" class="wp-image-83893" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/SOL_7D_graph_coinmarketcap-1-1.png 660w, https://thenewscrypto.com/wp-content/uploads/2023/10/SOL_7D_graph_coinmarketcap-1-1-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/SOL_7D_graph_coinmarketcap-1-1-150x81.png 150w" sizes="(max-width: 660px) 100vw, 660px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div>
<p>If the price manages to go past the $22.36 resistance area then a fresh rally is likely on the cards. On the other hand, if bears make an entry and drive the prices below $21.78 level, then it will likely test $21.07 recent support level. Breaching this level will likely see the SOL price going all the way till $20.3 mark.</p>

Solana Price Shows Signs of Recovery Post Latest FTX Move

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TheNewsCrypto

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