The imminent unlocking of 11.2 million Solana (SOL) from FTX’s bankruptcy auction: impacts and prospects

March 1 marks a key date for the cryptocurrency market: 11.2 million Solana (SOL), from FTX’s bankruptcy auction, will be unlocked for a total value of 2.06 billion dollars.

This event could influence the liquidity and price stability of Solana (SOL), considering that the platform has already sold 41 million SOL in three distinct auctions. 

Let’s discover in detail who the main buyers are and what the consequences of this release could be.  

The action of FTX: a crucial event for Solana (SOL) and the crypto market

After the collapse of FTX, the exchange liquidated its holdings in Solana through three auctions. 

The total sold amounts to 41 million SOL, distributed among various institutional investors. The purchase prices ranged between 64, 95, and 102 dollars per token, reflecting the value perceived by investors at different times of the sale.  

Among the main buyers are Galaxy Digital, Pantera Capital, and Figure, companies known for OTC (Over-the-Counter) purchase operations. These players have acquired large quantities of SOL in order to diversify their portfolios or leverage the growth potential of the Solana network.  

The arrival on the market of such a significant quantity of Solana could generate different dynamics:  

1. Selling pressure and price volatility  

The unlocking of 11.2 million SOL, equivalent to 2.06 billion dollars, could increase the availability of the token on the market, influencing demand and supply. If the holders decided to sell quickly, the price of Solana could experience a bear. 

However, if institutional investors choose to maintain their positions, the impact could be more contained.  

2. Opportunities for investors  

For those who follow the Solana market, the unlocking represents an opportunity to monitor any price fluctuations. If the value of SOL were to decrease due to the increase in supply, some investors might take advantage of it to accumulate the token at a more advantageous price.  

3. Effects on the Solana network  

Beyond the price, the event could reflect on the perception of the stability of the Solana network. The platform has demonstrated strong resilience after the collapse of FTX, with continuous growth in the adoption and development of decentralized applications (dApp). 

Excessive selling pressure could momentarily reduce confidence in the token, but the strength of the network remains a key factor.  

Who are the main buyers of SOL?

The bankruptcy auctions of FTX have attracted the interest of several institutional players. Among the most significant, we find:  

• – Galaxy Digital: investment company focused on cryptocurrencies and blockchain technology.
• – Pantera Capital: investment fund specialized in digital assets, with a strong presence in the cryptocurrency sector.  
• – Figure: fintech platform that leverages blockchain for innovative financial services.  

These investors purchased SOL through OTC transactions, thus avoiding directly influencing the spot market. However, their future strategy – whether they decide to hold or sell the holdings – could have a significant impact on the token’s price.  

With the imminent release of 11.2 million SOL, the market will need to monitor several aspects:  

• – The behavior of institutional buyers: if these actors maintain their positions, the impact on the price could be limited.  
• – The market reaction: any mass sell-offs could generate a temporary bear pressure.  
• – The adoption of Solana: regardless of short-term volatility, the growth of the network and its applications could support the demand for SOL in the long term.  

The event of March 1 represents an important test for Solana and for the cryptocurrency market. Investors and analysts will closely follow the evolution of the situation to assess the opportunities and risks associated with this unlocking of funds.