Solana

Impact

Opacity

<p>The upcoming auction by FTX of Solana is generating interest among major players in the crypto market. This event could have a significant impact on the price of the SOL token, which is currently on the rise.</p>
<h2 id="h-an-auction-marked-by-opacity">An Auction Marked by Opacity</h2>
<p>According to sources close to the matter, the FTX bankruptcy trustee is preparing to release a significant portion of its Solana holdings this week, in an opaque auction process known as a “blind” auction.</p>
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<p>This <a href="https://coingape.com/can-ftx-solana-auction-this-week-put-breaks-to-sol-price-surge/" target="_blank" rel="noopener noreferrer nofollow">operation</a> follows the sale of $307.6 million worth of SOL and ZBC tokens in March and is part of the process of liquidating the exchange’s assets following its spectacular collapse in November 2022.</p>
<p>The results of the auction, which will be announced on Thursday, have attracted the interest of major players in the <a href="https://www.cointribune.com/en/crypto-these-meme-coins-solana-fall-after-only-1-month/" target="_blank" rel="noopener noreferrer nofollow">crypto industry</a> such as Figure Markets, Pantera Capital, and Abra. These key actors perceive this action as an opportunity for arbitrage, given SOL’s high historical volatility, with its price experiencing major fluctuations over the past two years.</p>
<p>Figure Markets and Abra are raising capital through special investment structures to participate in the auction, while Pantera Capital, who won a part of the previous sales, is evaluating the possibility of making a bid either independently or through a specific investment vehicle (SPV).</p>
<p>To date, FTX has sold between 2 and 3% of its $2.6 billion SOL portfolio at a deeply discounted price of $60 per token, while the market price was around $172.</p>
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<h2 id="h-the-potential-impact-on-solana-s-price">The Potential Impact on Solana’s Price</h2>
<p>After a retreat in early April, SOL has returned to an <a href="https://www.cointribune.com/en/ethereum-goes-back-above-3000-crypto-analysis-of-april-24-2024/" target="_blank" rel="noopener noreferrer nofollow">uptrend</a>, trading at $160 (+12% over the week). Analysts expect this momentum to continue, with a target of $200 by the end of April.</p>
<p>However, FTX’s massive auctions threaten to exert selling pressure on the price of SOL. Large volumes could stall the current uptrend and lead to a correction.</p>
<p>Beyond the immediate impact, these sales raise questions about the sustainability of Solana’s rebound. The shadow of FTX’s bankruptcy, which had heavily invested in the <a href="https://www.cointribune.com/en/crypto-solana-whales-thrive-in-the-chaos-of-memecoins-millions-accumulated/" target="_blank" rel="noopener noreferrer nofollow">Solana ecosystem</a>, lingers. SOL’s ability to sustain its rise despite these offloads will be a decisive test for assessing the network’s resilience and investors’ confidence.</p>
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Crypto: FTX is getting rid of its Solana, what impact on the price of SOL?

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