FTX Getting Ready to Sell More Solana (SOL): What Does it Mean for the Price?

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FTX plans to auction Solana tokens amid bankruptcy liquidation, possibly leading to community bidding. Solana is testing crucial $156 resistance, eyeing a potential surge to $185.

FTX, facing bankruptcy since November 2022, is taking a big step by auctioning off a large amount of Solana (SOL) tokens. This move is part of their plan to settle debts. Unlike before, they’re not selling at fixed prices but using auctions, which could shake up how the market works.

FTX’s Auction Strategy for Solana Tokens

Previously, FTX sold between 25 million and 30 million SOL tokens, generating nearly $1.9 billion. These were sold at $64 each, a significant 60% discount from the market price at the time. However, buyers had to lock their SOL for four years in exchange for the discount, as explained by Eva Weng from Caladan