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Is Solana’s (SOL) Market Performance Tied to FTX, Alameda Liquidations?

Solana's recent price rise coincides with significant SOL transfers by FTX and Alameda this quarter. Could a large sell-off impact the price?
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Is Solana’s (SOL) Market Performance Tied to FTX, Alameda Liquidations?

Solana (SOL) has recorded gains in the past week, but two substantial holders of SOL can potentially influence the market. On-chain analytics firm Spot On Chain reported on Friday that Solana has seen a significant rise in price in 24 hours. At press time, Solana’s surge in the 24-hour frame is close to 6% based on CoinGecko data.

 Spot On Chain pointed out that the surge propelled SOL ahead of Binance Coin (BNB) in terms of market capitalization.

 Also Read: Solana (SOL) Price Shoots to $100 Flipping Binance Coin for Fourth Spot

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FTX’s SOL sales this quarter

The firm’s analysis of key on-chain data also revealed that FTX and Alameda transferred approximately 13.22 million SOL, valued at around $666 million, to various exchanges from October 24 to December 14, 2023. The firm traced the transactions from two public SOL addresses and another FTX-related address to exchanges and likely Coinbase. This leaves an estimated 2.08 million SOL available for immediate trade, as per the report.

Source: Spot On Chain

It is also reported that only 27% of FTX’s total SOL holdings, approximately 15.3 million SOL, have been unlocked. Therefore, they reportedly possess about 2 million SOL, worth approximately $192 million, at their disposal for liquidation. This is a significant amount to influence the price of SOL.

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Impact of potential sell-off

Spot On Chain noted that 40.5 million SOL, or 73% of the holding valued at nearly $4 billion, is set to be gradually released on schedule.

Roughly 609,000 SOL are unlocked each month, and significant amounts are set for release in early 2025. Based on this schedule, Spot on Chain finds that it is unlikely that FTX and Alameda’s potential future sell-offs of SOL will significantly impact the market in the near term.

The price of SOL has experienced around a 30% increase over the past week. However, the analytics firm underlined that the role of FTX and Alameda as major holders of SOL remains a focal point.

At the time of FTX’s bankruptcy, CoinGecko estimated FTX and Alameda’s SOL holdings at 55.8 million, worth $1.16 billion at the time. SOL topped the holding followed by Bitcoin (BTC) and Ethereum (ETH).

Also Read: Solana Price Prediction: Is $SOL Ready to Reclaim $100 Before New Year?

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Shraddha Sharma

Shraddha's professional journey spans over five years, during which she worked as a financial journalist, covering business, markets, and cryptocurrencies. As a reporter, she has placed particular emphasis to learn about the market interaction with emerging technologies.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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