Solana Price Selloff Ahead as FTX Estate Receives $430M SOL?
The post Solana Price Selloff Ahead as FTX Estate Receives $430M SOL? appeared on BitcoinEthereumNews.com.
Solana price is in the spotlight as the wallets linked to the bankrupt FTX Derivatives Exchange have received a massive SOL stash in a significant headwind for the coin. According to an update from Arkham Intelligence, the wallets tied to the FTX and Alameda Research Estate received 3.033 million Solana from an unidentified address. FTX Estate and Solana Selloff Trend According to the Arkham Explorer on X, the received Solana was worth $430.47 million. The funds entered the FTX Estate at block height number 324383268 with a negligible total fee of 0.0001 SOL. Whale Alert, a crypto data platform, highlighted that the Solana transfer came in two tranches. The first featured a 1,928,763 SOL worth $305,670,852, and the second involved a 1,102,953 SOL valued at $174,796,295. 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 1,928,763 #SOL (305,670,852 USD) transferred from unknown wallet to unknown wallethttps://t.co/GpLTK4PVJE — Whale Alert (@whale_alert) March 3, 2025 While the Whale Alert update did not identify who the receiving wallet “2jN7TS…5wThPF” is linked to, it aligns with the one from Arkham Intelligence. With the transfer, industry leaders have started speculating what the movement might be for and its impact on Solana’s price. Solana Price and FTX Selloff As reported by CoinGape, the FTX Estate was on schedule to liquidate SOL worth up to $27 million, a development that placed Solana’s price under pressure. While the repayment of its creditor came with the need to liquidate some of its stash, the outlook marks a significant headwind for the coin. Meanwhile, at the time of writing, the SOL price was $140.88, down 19.46% in the past 24 hours. The coin has traded within a tight range, from a high of $178.63 to a low of $139.43 amid a broader crypto market crash. Solana’s price has faced…
Filed under: News - @ March 4, 2025 8:26 am