Solana’s native token, SOL (SOL), experienced an impressive 22% surge on Nov. 10, breaking past the $54 mark for the first time since May 2022. Notably, this surge occurred amid the continuous selling of SOL tokens by FTX’s bankruptcy estate. The Delaware Bankruptcy Court approved the sale of the failed exchange’s assets, which included 55.75 million SOL, in September 2023.
Investor enthusiasm for SOL’s price increase may be attributed to the fact that some of the tokens from the bankruptcy proceedings are either vested or locked. Furthermore, there’s a weekly sale limit of $100 million imposed as part of the FTX liquidation plan. In essence, the initial fear of asset liquidation has transformed into hope as investors realize the limited impact of the sales.
FTX has been selling between 250k-700k $SOL every day for the last 2 weeks while price has either been going up or sideways.
so far its been getting absorbed like a champ and at current rate their unlocked tokens should be depleted within a week.
once this seller is gone i can… pic.twitter.com/AtnTqz3uxG
— Bluntz (@Bluntz_Capital) November 9, 2023
As trader and independent analyst Bluntz aptly described the situation, SOL’s resilience during the FTX bankruptcy token dump is impressive. The post on X (formerly Twitter) adds a bullish case for SOL, stating:
“Once this seller is gone, I can only imagine how hard it’s gonna pump.”
SOL price has been fueled by solid demand for leverage longs
SOL’s substantial 39% weekly gains have pushed its futures open interest to $745 million, the highest leve
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Author: Marcel Pechman
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