Will FTX’s Solana Auction This Week Put Breaks to SOL Price Surge?
Highlights
- Figure Markets, Pantera Capital, and Abra to bid for FTX's Solana auction.
- So far, FTX has already sold two-third of its $2.6 billion worth of Solana stash at big discount.
- Investors to watch the SOL price closely with analysts predicting a rally to $200.
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 Solana price, which has recently shown signs of a renewed upward trend.
FTX To Conduct A ‘Blind Auction’ for Solana
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.
These sales are part of the aftermath of the unraveling of Sam Bankman-Fried’s FTX 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.
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.
Pantera Capital, which secured a portion of the previous sale, plans to take part in the upcoming auction, according to sources familiar with the matter. The firm is considering whether to bid independently or through a special purpose vehicle (SPV).
SOL Price Action Ahead
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.
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 SOL price will surge all the way to $200.
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