Solana News: FTX Estate to Release Billions in SOL Tokens Amid Costly Bankruptcy Proceedings

In a significant development for the Solana blockchain, the FTX bankruptcy estate has announced plans to unlock billions of dollars worth of SOL tokens. This move comes amidst the costly and ongoing bankruptcy proceedings of the collapsed crypto exchange.

FTX Estate to Unlock $1.57 Billion in Solana Tokens

The FTX bankruptcy estate is set to unlock $1.57 billion worth of Solana (SOL) tokens. This represents about 2.2% of Solana’s circulating supply. The unlock comes as legal expenses mount, making the FTX bankruptcy one of the most costly Chapter 11 cases in US history. There are two additional smaller SOL unlocks scheduled for April 1 and May 1. These tokens were part of FTX’s holdings, which had been sold at discounted rates to investors in previous auctions.

Solana (SOL) Price Prediction for March 1

The current price of Solana (SOL) is $141.15, marking a 3.94% decline in the past 24 hours and an 18.42% drop over the past week. Despite these setbacks, technical indicators suggest a potential recovery if key support levels hold. SOL has established support in the $135 to $141 range, crucial for any recovery. Resistance is identified between $145 and $150.

Solana Jumps 9% as Whales Accumulate Millions

Whale behavior in the Solana market is causing a positive stir. The token’s value climbed 9%, reaching roughly $137. Large investors, known as “whales,” are gobbling up huge amounts of the Solana crypto. Technical signals suggest a strong momentum and growing open interest, keeping traders upbeat. One major investor purchased 50,000 SOL, worth nearly $7 million, while others staked 41,096 SOL, or $6.90 million. These buying activities could help stabilize prices by reducing the amount of supply currently in use. Historically, significant acquisitions have resulted in price spikes for Solana.

Catzilla’s Road to Success: Can It Replicate Solana’s Top Meme Coin Gains?

Meme coins on Solana are breaking records with their profit-generating power, surging thousands of times in value overnight. Solana’s high-performance blockchain with lightning-fast transactions and extremely low fees makes it an ideal platform for meme coins. Traders are flocking to Solana-based meme coins due to these factors. Solana offers high-speed transactions and ultra-low fees, making trading meme coins cheaper and more efficient compared to other blockchains.