Solana Price Crashes Below $160 Amid Revelations Of FTX’s Hidden SOL Stash
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Solana's price has plummeted below $160 after news emerged that the bankrupt crypto exchange FTX holds a massive stash of Solana tokens, up to 8% of the entire supply, worth around $7 billion. The fear of a potential sell-off has driven Solana’s price down by over 9% in two weeks and nearly 4% in the last 24 hours.
The FTX estate had earlier sold discounted SOL tokens to repay creditors, and venture firms like Pantera Capital and Figure Markets bought large portions. However, the remaining hidden stash, if sold, could severely impact Solana's price further.
Pratty Crypto, a crypto analyst, has predicted more downside for Solana, potentially dropping to the $140 zone due to technical factors and recent price action dynamics.
It's important to note that these revelations are still rumors and unconfirmed by official sources, making the actual impact on Solana's price uncertain.
Source: www.newsbtc.com ↗
