Editor's PiCK
Solana (SOL) Declines Ahead of FTX's Massive Token Unlock... Sharp 9.7% Drop Compared to Previous Day
Summary
- Solana (SOL) is reportedly facing downward pressure due to news of FTX's planned massive token unlock.
- As a result, SOL price sharply dropped by 9.75% compared to the previous day, causing investor concerns.
- The report added that FTX's unlock could trigger selling pressure, and trading volumes on Solana-based DEXs have also decreased.
Analysis suggests that Solana (SOL) price is facing downward pressure as the bankrupt cryptocurrency exchange is reportedly planning to unlock a large amount of Solana tokens.
On the 28th, cryptocurrency media The Coin Republic reported, "Solana's price is experiencing downward pressure as investors react to news that bankrupt FTX will unlock 11.2 million Solana coins on March 1st."
As of 3:59 PM today, SOL price is trading at $128.26 on Binance's USDT market, down 9.75% compared to the previous day.
The media added, "Investors are concerned that FTX's token unlock could trigger significant selling pressure, deepening the downtrend," and "trading volume has generally decreased on Solana-based decentralized exchanges as well."
Meanwhile, FTX is reportedly planning to unlock Solana to repay creditors and liquidate assets. Previously, FTX had been holding a large amount of SOL in locked-up form as an early investor in the Solana project.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
