Solana’s price crashes below $160 following revelations of FTX’s hidden stash of SOL tokens, raising fears of a massive sell-off.
Points
- Solana’s price drops below $160 amid revelations of FTX’s hidden SOL stash.
- FTX is allegedly holding 46.5 million SOL tokens, worth about $7 billion.
- Concerns arise about potential sell-offs affecting Solana’s market price.
- Analysts predict further price declines if the hidden stash is sold.
Solana （SOL） has experienced a significant price drop below $160 following revelations about a hidden stash of SOL tokens held by the now-bankrupt crypto exchange FTX. This development has raised concerns about a potential massive sell-off that could further impact Solana’s market price.
Hidden SOL Stash
A whistleblower with inside knowledge of FTX’s operations has alleged that the exchange is secretly holding up to 46.5 million SOL tokens, which amounts to about 8% of the entire SOL supply. At the current market price of $155 per token, this stash is worth approximately $7 billion.
Fears of Massive Sell-Off
The revelation of this hidden stash has triggered fears that FTX might sell these tokens in the open market, potentially dumping Solana’s price significantly. Crypto user Wise Advice warned on social media, “I’m not saying Solana will go to zero, but if this news is true and FTX starts to sell the tokens in the open market, then it could dump the price of Solana significantly.”
Market Impact
In the wake of the news, Solana’s price has plummeted below the critical $160 support level, dropping over 9% in the past two weeks and nearly 4% in the past 24 hours. This decline follows previous sell-offs by the FTX estate to repay creditors, which had already put downward pressure on Solana’s price.
Analysts’ Predictions
Crypto analyst Pratty Crypto has highlighted several technical factors that could signal further downside for Solana. These include trading at a discount to the previous quarter’s mid-range, testing a key quarterly open level, and retracing 62% of its recent price run-up. Pratty Crypto contends that Solana could potentially move towards the $140 zone if these factors align.
Conclusion
The revelations about FTX’s hidden SOL stash have significantly impacted Solana’s market price, raising concerns about potential sell-offs and further declines. Investors should closely monitor market developments and technical indicators to navigate the potential risks and opportunities in Solana’s market.
解説
- The revelation of FTX’s hidden SOL stash underscores the potential impact of large, undisclosed holdings on market prices.
- Concerns about potential sell-offs highlight the importance of transparency in the cryptocurrency market.
- Technical analysis and market sentiment are crucial for predicting price movements and managing investment risks.
- Investors should stay informed about market developments and potential risks associated with large token holdings.