Solana (SOL) Skyrockets 11% in Single Day: FTX Estate Initiates Third Sale Round

  • Solana’s SOL token experiences an 11% surge, coinciding with the third round of the FTX estate’s SOL sale.
  • The token’s market cap has increased by 9.14%, reaching $59.4B and solidifying its position as the fifth-largest cryptocurrency.
  • Despite a broader market downturn, SOL’s rise suggests a possible continuation of its bullish trend.

As FTX’s third SOL auction moves 1.8M tokens, Solana’s SOL token surges 11%, reaching a $59.4B market cap. Amid a broader market downturn, SOL’s rise may indicate a continued bullish trend.

SOL Token Surges Amid FTX Sale

Solana’s SOL token has experienced an 11% increase in the last 24 hours, coinciding with the commencement of round three of the FTX estate’s SOL sale. Its market cap has surged by 9.14% today, reaching $59,414,082,134 and securing its position as the fifth-largest cryptocurrency by market cap. This rise occurs as the broader cryptocurrency market sees a downturn, highlighted by Bitcoin falling below the $58,000 mark.

FTX’s Third SOL Auction Nets $232M

The ongoing disposal of SOL tokens by the FTX Estate has reached its third phase starting May 1. The recent auction, which concluded the sale of 1.8 million SOL tokens, garnered approximately $232 million for the estate’s liquidators. Bids between $85 and $110 per token in this round were mostly successful, while those below $85 were rejected. Most tokens sold at $95, applying a 26% discount, while those fetching $110 witnessed a lesser discount of 15%. This discount reflects the locked nature of the tokens, delaying their availability for trading.

Long-Term Investment Horizon Expected

The locked tokens purchased in these auctions are bound by a four-year vesting period, emphasizing the long-term investment horizon expected from buyers. Among the prominent participants in the second-round auction were notable investment firms Galaxy Trading and Pantera Capital.

Significant Investor Interest Despite Market Downtrend

The initial auction saw the sale of $1.9 billion worth of SOL, accounting for nearly two-thirds of a larger batch valued at $2.6 billion. This batch comprised up to 30 million SOL tokens, initially offered at $64 each. As the sale rounds progress, the impact on SOL’s market price becomes more apparent, demonstrating significant investor interest despite the market’s overall downtrend.

Conclusion

The surge in Solana’s SOL token, amid the FTX estate’s SOL sale and a broader market downturn, indicates a possible continuation of its bullish trend. The successful auctions and significant investor interest highlight the potential of SOL as a long-term investment. As the sale rounds progress, the impact on SOL’s market price is expected to become more apparent.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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