Solana

Wednesday

<p>Insiders revealed that the bankruptcy estate of the now-defunct crypto exchange FTX might initiate an auction for a significant portion of its Solana holdings within the week. Such a move could potentially exert downward pressure on the <a href="https://coingape.com/price/solana/" target="_blank" rel="noopener noreferrer nofollow">Solana price</a>, which has recently shown signs of a renewed upward trend.</p>
<h3 id="ftx-to-conduct-a-blind-auction-for-solana">FTX To Conduct A ‘Blind Auction’ for Solana</h3>
<p>According to sources familiar with the process, a “blind auction” is scheduled for the next batch of Solana, with a Wednesday deadline and results to be announced on Thursday. FTX revealed in a recent monthly operating report that it sold approximately $307.6 million worth of SOL and ZBC tokens in March. It has yet to disclose the numbers for the month of April. However, a spokesperson for the estate declined to comment on the matter.</p>
<p>These sales are part of the aftermath of the unraveling of <a href="https://coingape.com/ftx-investors-wants-sbf-to-help-go-after-celebrity-promoters-report/" target="_blank" rel="noopener noreferrer nofollow">Sam Bankman-Fried’s FTX</a> in November 2022. For buyers, these auctions present an opportunity to potentially profit from the volatile token, which has experienced significant price fluctuations over the past two years.</p>
<p>Likely bidders include Figure Markets, Pantera Capital, and Abra. Figure Markets stated on its website that it is raising funds through a special-purpose vehicle to participate in the auction, while Abra Chief Executive Bill Barhydt confirmed in an interview that the trading platform will also submit a bid.</p>
<p>Pantera Capital, which secured a portion of the previous sale, plans to take part in the upcoming auction, according to <a rel="noopener noreferrer nofollow" href="https://www.bnnbloomberg.ca/ftx-to-auction-off-more-solana-tokens-this-week-potential-bidders-say-1.2062869" target="_blank">sources</a> familiar with the matter. The firm is considering whether to bid independently or through a special purpose vehicle (SPV).</p>
<h3 id="sol-price-action-ahead">SOL Price Action Ahead</h3>
<p>So far, bankrupt crypto exchange FTX has already offloaded nearly 2-3rd of its $2.6 billion hoard of Solana tokens at every highly discounted deal of just $60 per SOL. During this time, the Solana price was trading for $172.</p>
<p>After some retracement in early April, the Solana price is back on the upward trajectory and currently trading 12% up over the last week at $160. Analysts predict that by the end of April, the <a href="https://coingape.com/markets/solana-price-forecast-as-market-surges-could-sol-hit-200-by-the-end-of-april/" target="_blank" rel="noopener noreferrer nofollow">SOL price will surge</a> all the way to $200.</p>
<p>The post <a href="https://coingape.com/can-ftx-solana-auction-this-week-put-breaks-to-sol-price-surge/" rel="noopener noreferrer nofollow">Will FTX’s Solana Auction This Week Put Breaks to SOL Price Surge?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Will FTX’s Solana Auction This Week Put Breaks to SOL Price Surge?

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