HomeUncategorizedSolana traders prepare for FTX-induced sell pressure on SOL — Is it premature? By Cointelegraph

Solana traders prepare for FTX-induced sell pressure on SOL — Is it premature? By Cointelegraph

September 14, 2023

[ad_1]



For a long time, Solana has been associated with the founder of now-insolvent crypto exchange FTX and hedge fund Alameda Research, Sam Bankman-Fried. He was an early investor in the project and invested in numerous Solana ecosystem projects during the 2020-2021 bull mania.

So when FTX collapsed toward the end of 2022, Solana (SOL) and other “Sam coins” plummeted significantly — with Solana falling to lows of $9.89, down 96.3% from the peak of $259.96.

FTX/Alameda Research’s SOL holdings and unlock schedule. Source: Solana Foundation
The funding rate for SOL perpetual swaps. Source: CoinGlass
SOL liquidation map. Source: CoinGlass
daily price chart. Source: TradingView