Solana is set to release 11.2 million SOL tokens today, valued at approximately $1.57 billion. This massive unlock is part of FTX’s ongoing bankruptcy process, making it one of the most expensive Chapter 11 cases in US history.
The release raises concerns about potential selling pressure, as a surge in supply could impact Solana’s price.
FTX Bankruptcy Estate Unlocks Millions in SOL
📊 Key Unlock Details:
✔ Tokens Released: 11.2 million SOL (2.2% of circulating supply)
✔ Current SOL Supply: 488 million tokens
✔ Upcoming Unlocks: 12,700 SOL (April 1), 73,700 SOL (May 1)
These tokens were part of FTX’s holdings, previously sold at discounted rates in private auctions.
Who Bought FTX’s Solana Holdings?
🔍 Major Buyers of Locked SOL:
- Galaxy Digital: Bought 25.5 million SOL at $64 per token
- Pantera Capital: Purchased SOL at $95 per token
- Figure & Partners: Acquired SOL at $102 per token
Arthur Cheong, founder of DeFiance Capital, confirmed he bought SOL through Galaxy Digital’s OTC sale. He stated:
Despite potential selling pressure, some investors remain bullish on Solana’s long-term growth.
Will the Solana Unlock Impact Prices?
Last week, Solana’s price dropped to a four-month low of $136 amid a broader crypto downturn. However, it has since rebounded to $140.
🚨 Key Concerns:
✔ A large influx of SOL tokens could drive prices lower.
✔ Market sentiment remains mixed, with some investors holding long-term.
✔ FTX legal expenses are approaching $1 billion, adding financial strain.
The coming weeks will determine whether the market absorbs the new supply or if selling pressure drags prices lower.
Final Thoughts
Solana’s $1.57 billion token unlock could create short-term volatility, but long-term holders remain optimistic. Will the market absorb the extra supply, or will selling pressure push prices down?
📢 What do you think? Will Solana recover? Share your thoughts!
